Wisconsin Academy of Sciences, Arts & Letters v. First Wisconsin National Bank of Madison

The Wisconsin Academy of Sciences, Arts and Letters (Academy) appeals from a judgment dismissing its action to surcharge the First Wisconsin National Bank of Madison (Bank). The issues are: (1) Did the Bank breach its fiduciary duty to Elizabeth McCoy, the settlor of an inter vivos trust? (2) If the Bank breached this duty, can the breach be the basis for a cause of action in favor of the Academy? (3) Must the trust document be construed before a cause of action in negligence arises against the bank? Because we conclude: (1) that the Bank breached its duty to McCoy; (2) that the Academy has a…