In the Matter of the H. Boone Porter Trust created under the deed of trust dated August 1, 1960, as amended by amendment dated May 14, 1968, as reformed by judgment dated July 27, 1999, and as further amended by consent judgment dated November 21, 2002, and April 23, 2004, and also known as registered trust no. 169041, H. Boone Porter, III. v. Caroline Porter Hayes

CourtMissouri Court of Appeals
DecidedFebruary 21, 2023
DocketWD84894
StatusPublished

This text of In the Matter of the H. Boone Porter Trust created under the deed of trust dated August 1, 1960, as amended by amendment dated May 14, 1968, as reformed by judgment dated July 27, 1999, and as further amended by consent judgment dated November 21, 2002, and April 23, 2004, and also known as registered trust no. 169041, H. Boone Porter, III. v. Caroline Porter Hayes (In the Matter of the H. Boone Porter Trust created under the deed of trust dated August 1, 1960, as amended by amendment dated May 14, 1968, as reformed by judgment dated July 27, 1999, and as further amended by consent judgment dated November 21, 2002, and April 23, 2004, and also known as registered trust no. 169041, H. Boone Porter, III. v. Caroline Porter Hayes) is published on Counsel Stack Legal Research, covering Missouri Court of Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
In the Matter of the H. Boone Porter Trust created under the deed of trust dated August 1, 1960, as amended by amendment dated May 14, 1968, as reformed by judgment dated July 27, 1999, and as further amended by consent judgment dated November 21, 2002, and April 23, 2004, and also known as registered trust no. 169041, H. Boone Porter, III. v. Caroline Porter Hayes, (Mo. Ct. App. 2023).

Opinion

In the Missouri Court of Appeals Western District IN THE MATTER OF ) THE H. BOONE PORTER TRUST ) CREATED UNDER THE DEED OF ) TRUST DATED AUGUST 1, 1960, ) WD84894 AS AMENDED BY AMENDMENT ) DATED MAY 14, 1968, AS ) Filed: February 21, 2023 REFORMED BY JUDGMENT ) DATED JULY 27, 1999, AND AS ) FURTHER AMENDED BY ) CONSENT JUDGMENTS DATED ) NOVEMBER 21, 2002, AND ) APRIL 23, 2004, AND ALSO KNOWN ) AS REGISTERED TRUST ) NO. 169041, H. BOONE PORTER, III, ) ) Respondent, ) v. ) ) CAROLINE PORTER HAYES, et al., ) ) Appellants. )

APPEAL FROM THE CIRCUIT COURT OF JACKSON COUNTY The Honorable Daren L. Adkins, Judge

Before Division Two: Edward R. Ardini, Jr., Presiding Judge, Lisa White Hardwick, Judge, and Karen King Mitchell, Judge

Caroline Porter Hayes, Ann T. Porter, John M. Porter, and Mary L. Porter

(collectively, “Appellants”), appeal the circuit court’s judgment denying their request to remove H. Boone Porter, III, (“Boone”)1 as the individual co-trustee of a trust of which

they are beneficiaries and to appoint a corporate co-trustee. Appellants contend

Boone’s actions require his removal as trustee and the appointment of a corporate co-

trustee and the court’s failure to appoint a corporate co-trustee is contrary to the trust’s

terms and the settlor’s intent. For reasons explained herein, we affirm, in part, and

reverse and remand, in part.

FACTUAL AND PROCEDURAL HISTORY

In 1960, H. Boone Porter (“settlor”), the grandfather of Boone and the great-

grandfather of Appellants, created a double generation-skipping trust (“1960 Trust”) for

the benefit of his descendants.2 Boone and his siblings are the current income

beneficiaries under the trust. Boone has four living siblings and one deceased sibling,

Michael Porter, who died in 2005. Appellants are Michael’s four children. Thus, Boone

and his four siblings each receive 1/6th of the trust’s monthly income, while Appellants

each receive 1/24th, i.e., 1/4th of Michael’s 1/6th share, of the trust’s monthly income.

Appellants and their seven cousins, who are the children of Boone and his siblings, are

contingent remainder beneficiaries entitled to receive the corpus of the trust when the

1960 Trust is terminated upon the death of the last to survive of Boone and his siblings.

As of May 2021, the 1960 Trust was valued at approximately $38 million.

When it was created, the 1960 Trust appointed only a corporate trustee, a bank.

The trust requires that the corporate trustee be organized as a corporation and have

1 For clarity’s sake, we will refer to several members of the Porter family by their first

names. No familiarity or disrespect is intended.

2 The 1960 Trust was amended May 14, 1968, reformed ab initio by the circuit court’s

judgment dated July 27, 1999, and amended by the circuit court’s consent judgments dated November 21, 2002, and April 23, 2004. All references to the “1960 Trust” will be to the current amended version. 2 unimpaired capital in excess of $10 million. Pursuant to the trust’s terms, once the

settlor died, the settlor’s son, who was Boone’s father, became co-trustee along with the

corporate co-trustee. In April 1990, Boone succeeded his father as the individual co-

trustee of the 1960 Trust. Boatmen’s Trust Company became the corporate co-trustee at

that time and was later succeeded by Commerce Trust Company (“Commerce”).

Paragraph 8 of the 1960 Trust authorizes the co-trustees3 to make discretionary

payments to beneficiaries out of the trust principal under certain circumstances:

The Trustee is authorized to pay, out of principal of the trust property, to or for the benefit of any beneficiary who at the time is entitled to receive income from the trust property, hospital, nursing, and medical expenses of any such beneficiary, and also such amounts as may be considered advisable for the maintenance and support of any such beneficiary; but the amount or amounts of any such payments shall be determined by the Trustee in its sole discretion.

In July 2012, all beneficiaries were notified of a proposed plan of partial

distribution. The beneficiaries were advised that the co-trustees, Boone and Commerce,

were planning to make discretionary distributions pursuant to paragraph 8 of the trust

in the amount of $150,000 each to Boone and his four siblings. While Boone requested

that the distributions be made, he abstained from voting on whether he should receive

any distribution. Commerce decided he should receive a distribution. The proposed

plan did not include any discretionary distributions to Appellants. The notice advised

all beneficiaries of their statutory right to object to the proposed distribution within 30

3 The 1960 Trust provides that all references to “trustee” mean “co-trustees” after

Boone’s father became the trust’s first individual co-trustee.

3 days under Section 456.8-817.1.4 Appellants did not object to the July 2012 plan of

partial distribution.

In June 2013, all beneficiaries were notified of another proposed plan of partial

distribution. This time, the beneficiaries were advised that the co-trustees were

proposing to make discretionary distributions pursuant to paragraph 8 of the trust in

the amount of $100,000 each to Boone and his four siblings. Boone again abstained

from voting on whether he should receive the distribution, and Commerce decided he

should receive it. The proposed plan did not include any discretionary distributions to

Appellants. Appellants’ counsel formally objected to the proposed distribution plan

within 30 days. After receiving Appellants’ objection, the co-trustees withdrew their

proposal and, per Appellants’ wishes, did not make the proposed partial distribution.

In July 2013, Boone and his four siblings asked Commerce to resign as corporate

co-trustee. The trust provides that the beneficiaries of two-thirds of the trust’s income

can remove and replace either the individual co-trustee or the corporate co-trustee if the

beneficiaries are dissatisfied. Commerce resigned, and Blue Ridge Bank and Trust

Company, acting through its agent, The Midwest Trust Company (“Blue Ridge”), became

the corporate co-trustee in October 2013. Blue Ridge, however, resigned as the

corporate co-trustee in April 2014. After Blue Ridge resigned as the corporate co-

trustee, no successor corporate co-trustee was appointed, leaving Boone as the sole

trustee of the 1960 Trust.

Following Blue Ridge’s resignation, Boone sent a letter to all beneficiaries asking

them to agree to amend the trust to remove the requirements that the trust’s corporate

co-trustee be organized as a corporation and have unimpaired capital in excess of $10

4 All statutory references are to the Revised Statutes of Missouri 2016.

4 million. Boone stated that, if all beneficiaries agreed to the amendment, he would

obtain a consent judgment in the Jackson County Circuit Court, Probate Division,

amending the trust. Appellants and one of Boone’s siblings did not agree to this

amendment. Boone subsequently filed a petition asking the court to approve the

amendment.

While his petition to amend the trust was pending, Boone determined in

December 2015 that it was advisable to make in-kind discretionary corpus distributions

from the 1960 Trust to all income beneficiaries, including Appellants, for their

maintenance and support. Specifically, Boone distributed to Appellants, as tenants in

common with equal undivided ownership rights, a note and mortgage that were owned

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Bluebook (online)
In the Matter of the H. Boone Porter Trust created under the deed of trust dated August 1, 1960, as amended by amendment dated May 14, 1968, as reformed by judgment dated July 27, 1999, and as further amended by consent judgment dated November 21, 2002, and April 23, 2004, and also known as registered trust no. 169041, H. Boone Porter, III. v. Caroline Porter Hayes, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-the-matter-of-the-h-boone-porter-trust-created-under-the-deed-of-trust-moctapp-2023.