In re Latimer Trust

Settlor established a trust (Trust) for the maintenance of two burial lots. The Wilmington and Brandywine Cemetery (the Cemetery) and PNC Bank, N.A. (the Trustee) petitioned to modify the Trust, to direct that three percent of the net asset value of the Trust be distributed annually to the Cemetery for the general maintenance of the Cemetery. Contending that the Trust had a charitable purpose, the Cemetery and Trustee relied on the common law doctrine of cy pres, Delaware's statutory codification of the cy pres doctrine, and the common law doctrine of deviation in seeking modification. The Court of Chancery denied the petition, holding that petition did not provide any basis for modifying the Trust. View "In re Latimer Trust" on Justia Law