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Case Citations [1] (July 2021 - April 2022)

handle is hein.ali/relat1024 and id is 1 raw text is: TRUSTS CHAPTER 7. THE ADMINISTRATION OF THE TRUST TOPIC 1. GENERAL PRINCIPLES § 167. Change of Circumstances Ark.App.2021. Cit. in ftn. to diss. op. Trust beneficiary filed a petition for a declaratory judgment against successor trustee, who was also a beneficiary, alleging, among other things, that trustee undervalued a 100-acre parcel of land that he and his wife purchased from the trust. On remand, the trial court conducted a hearing and found that the parcel was worth significantly more than trustee's valuation. This court affirmed in part and remanded with instructions that the sale be set aside, that any purchase money be refunded, and that the parcel be returned to the trust estate to be divided equally among the beneficiaries. A dissent cited Restatement of Trusts § 167 in noting that, although it disagreed with other portions of the decision, the end result of the trial court's decision with respect to the parcel accorded with the intent of settlors, namely, that trustee receive the parcel in exchange for fair market value and that the other beneficiaries receive other trust assets of equal value. Clark as Trustee of Clark Revocable Trust u/d/t July 23, 1997 v. Summers, 619 S.W.3d 886, 898. COPYRIGHT ©2022 By THE AMERICAN LAW INSTITUTE All rights reserved Printed in the United States of America For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination. ALI