Bank of the Ozarks v. Cossey

hThe question in this case is whether a designated trustee properly declined the trusteeship or accepted by exercising powers of the trustee. Bank of the' Ozarks was designated as the successor trustee of the Hamilton Family Living Trust. The Bank sent correspondence to a trust beneficiary rejecting the trusteeship, but the Bank still reimbursed the beneficiary for certain expenses. Another trust beneficiary brought a petition for an accounting against the Bank. The circuit court granted the petition, and the Bank appealed, arguing that it had rejected the trusteeship and was not required to…