Myrick v. Moody National Bank

Appellant appeals from a declaratory judgment granted in favor of appellee Moody National Bank. The bank is the trustee and appellant is a beneficiary of a trust created in 1934. Appellant sued the trustee, seeking a declaratory judgment that it did not have the authority to enter into a lease with terms extending beyond the termination date of the trust. The trustee countersued, seeking, among other things, a declaration of its right to enter into the proposed lease and its authority to borrow against the trust estate. Both parties moved for summary judgment, and the trial court granted partial summary judgment in favor of the trustee, declaring that it had authority to enter into a lease extending 180 days beyond the expiration of the trust and to borrow funds and encumber the trust property. The remaining issues were tried before the court, and the summary-judgment rulings merged into the final judgment. On appeal, appellant argues that the trustee did not establish its authority to enter into the proposed lease and the trial court lacked jurisdiction to declare the trustee's authority to borrow because the controversy was not ripe. The judgment of the trial court is affirmed. Houston's 14th Court of Appeals, No. 01-09-00510-CV, 02-10-2011

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OPINION

Appellant David B.T. Myrick, Jr. appeals from a declaratory judgment granted in favor of appellee Moody National Bank. The bank is the trustee and Myrick is a beneficiary of a trust created in 1934. Myrick sued the trustee, seeking a declaratory judgment that it did not have the authority to enter into a lease with terms extending beyond the termination date of the trust. The trustee countersued, seeking, among other things, a declaration of its right to enter into the proposed lease and its authority to borrow against the trust estate. Both parties moved for summary judgment, and the trial court granted partial summary judgment in favor of the trustee, declaring that it had authority to enter into a lease extending 180 days beyond the expiration of the trust and to borrow funds and encumber the trust property. The remaining issues were tried before the court, and the summary-judgment rulings merged into the final judgment.

Myrick v. Moody National Bank

Share with Email

Thank you for sharing!

Trending Stories

More From ALM

Subscribe to The Recorder