Wachovia and its predecessors have been serving as executor and trustee of a charitable trust since 1940 and have only been paid once for their services under an old 1917 statute in effect when the trust was created.
The bank’s attorney, Carl Solano of Schnader Harrison Segal & Lewis, argued before the state Supreme Court Tuesday that newer laws allowing for more than one payment for those serving as both executors and trustees of trusts should apply retroactively as the older trusts become more expensive to manage.
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