Interfirst Bank of Fort Worth, N.A. v. King

BILL BASS, Justice.

Earl King, Jr., and Gere King O’Brien, the surviving income beneficiaries of a testamentary trust created by the will of R.E. King, brought this suit alleging that the trustee was not required to allocate and set aside for the benefit of the remaindermen a “depletion reserve” of twenty-seven and one-half percent of the oil and gas royalties received by the trust. They asked that the trustee be ordered instead to distribute all royalty payments, less operating expenses, to them as the income beneficiaries. The appellant, InterFirst Bank of Fort Worth, is the executor of the…