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Allen v. Columbus Bank & Trust Co.

There was no evidence of concealment or fraud by bank that deterred plaintiff from discovering a breach of bank's fiduciary duty and tolled the 10-year statute of limitation on plaintiff's claim of mismanagement of a trust.

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This case involves the alleged mismanagement of a trust. The record shows that Sally Allen’s father died on July 20, 1968. His will provided for a trust for his wife and children. It further provided that his wife and Columbus Bank & Trust Company “CB&T” were to be co-trustees of the trust. Allen’s mother and CB&T acted as co-trustees of the trust from July 1968 until September 15, 1972, when CB&T became the sole trustee of the trust. CB&T managed the trust from 1972 until the trust terminated by its own terms at the death of Allen’s mother on July 26, 1985. Ten years and two months later, on September 22, 1995, Sally Allen filed the present lawsuit against CB&T, alleging that CB&T, as trustee for her father’s trust, breached the trust and its fiduciary duty to her as a beneficiary of the trust.

Allen maintains that CB&T negligently or intentionally mismanaged the trust, causing it to lose from $1 million to $2 million over the life of the trust. CB&T maintains that Allen’s suit is barred because it was untimely filed. The trial court agreed with CB&T and granted its motion for summary judgment. Allen appeals from this ruling.

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