McIlvaine v. Amsouth Bank, N.A.

[EDITORS' NOTE: THIS PAGE CONTAINS HEADNOTES. HEADNOTES ARE NOT AN OFFICIAL PRODUCT OF THE COURT, THEREFORE THEY ARE NOT DISPLAYED.]

AmSouth Bank, as trustee of an inter vivos trust created in 1943 by Neva E. McIlvaine (settlor), filed an action for a declaratory judgment and instructions as to the proper distribution of a one-third share of the current and future net income from the trust. The settlor was a resident of the State of Florida when she created the trust. AmSouth's complaint alleged that the trust agreement provides that the net income from the corpus of the trust, which consists…