Mercantile-Commerce Bank & Trust Co. v. Morse

This suit was brought by the Mercantile-Commerce Bank and Trust Company, successor to the Mercantile Trust Company, Trustee under the will of Paul Brown for instructions in the allocation of trust funds to income and principal in view of the resulting effect upon the respective rights of the life beneficiary and the remainderman.

Defendants are Dorothy Brown Morse, the life beneficiary, and the Trustees of Barnes Hospital which is the remainderman.

The trust company seeks guidance and instructions as to its duty or discretion in several accounting practices: (a) amortizing premiums paid for…