Trust Under Deed of Ott, W., Appeal of: PNC Bank

2021 Pa. Super. 203, 271 A.3d 409
CourtSuperior Court of Pennsylvania
DecidedOctober 12, 2021
Docket1591 EDA 2020
StatusPublished
Cited by13 cases

This text of 2021 Pa. Super. 203 (Trust Under Deed of Ott, W., Appeal of: PNC Bank) is published on Counsel Stack Legal Research, covering Superior Court of Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Trust Under Deed of Ott, W., Appeal of: PNC Bank, 2021 Pa. Super. 203, 271 A.3d 409 (Pa. Ct. App. 2021).

Opinion

J-A13025-21

2021 PA Super 203

TRUST UNDER DEED OF WALLACE F. : IN THE SUPERIOR COURT OF OTT : PENNSYLVANIA : : APPEAL OF: PNC BANK, N.A. : : : : : No. 1591 EDA 2020

Appeal from the Decree Entered July 20, 2020 In the Court of Common Pleas of Philadelphia County Orphans’ Court at No(s): No. 1251 IV of 1963

BEFORE: BENDER, P.J.E., DUBOW, J., and STEVENS, P.J.E.*

OPINION BY DUBOW, J.: FILED OCTOBER 12, 2021

PNC Bank, N.A. (“Accountant” or “PNC”), appeals from the Order

overruling in part and sustaining in part the objections filed by co-

trustees/beneficiaries Robert W. Prigge, Jr., and James E. Shryock

(“Objectors”) to the Third Account of the Wallace Ott Inter Vivos Trust

(“Trust”). PNC challenges the orphans’ court’s limiting of PNC’s trust

administration fee to five percent of income and its granting a one-time

principal fee of $145,000 as compensation for services rendered during the

third accounting period covering November 8, 2004, to May 15, 2017. PNC

also challenges the orphans’ court’s denial of its request for the Trust to pay

its attorney’s fees. After careful review, we affirm.

____________________________________________

* Former Justice specially assigned to the Superior Court. J-A13025-21

We glean the following relevant facts from the orphans’ court’s July 20,

2020 Adjudication and the reproduced record. On June 10, 1954, Wallace Ott

(“Settlor”) executed a Deed of Trust for the benefit of his four grandchildren

and their issue, appointing Tradesmens Land Title Bank and Trust Company

(“Tradesmens”) as trust administrator. Settlor appointed Tradesmens and

himself as co-trustees. The Trust instrument does not contain any provisions

addressing trustee compensation. However, also on June 10, 1954,

Tradesmens’ assistant vice president, who had signed the Trust instrument on

behalf of Tradesmens, sent a letter addressed to Settlor (“the 1954 Letter”)

containing the following paragraph regarding its fee for administering the

Trust:

This letter is to advise you that our fee for administering the trust which you established yesterday for the benefit of your grandchildren will be the same as that which we are currently charging in Mrs. Ott’s Deed of Trust and in your personal Deed of Trust; namely [5%] of income collected.

Letter from Sidney B. Dexter to Settlor, dated June 10, 1954.

First Account

Settlor died on July 18, 1962. To discharge Settlor’s estate, Provident

Tradesmens Bank and Trust Company (“Provident”), Trademens’ successor in

interest, filed a First Account covering the period of July 10, 1954, to April 4,

1963. No one objected, and the court confirmed the First Account on

December 27, 1963. Throughout the first accounting period, the Trust had

paid Provident an administrative fee of five percent of the Trust’s income (“five

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percent income commission”) pursuant to the 1954 Letter. The court also

confirmed the appointment of Richard W. Shryock and John S. Prigge, Jr., as

co-trustees, as provided in the Trust instrument, along with Provident.

Second Account

Richard Shryock died in May 2003, and on May 25, 2005, PNC,

Provident’s successor in interest, filed a Second Account covering the period

from September 10, 1971, to November 8, 2004. PNC requested an interim

principal commission of 2.8% for this second accounting period when the fair

market value of the Trust was approximately $1.9 million. No one objected,

and the court confirmed the Second Account, granted the requested principal

commission, and confirmed the appointment of Objector Jamie Shryock to

succeed Richard Shryock as co-trustee. Again, the Trust paid PNC a five

percent income fee pursuant to the 1954 Letter throughout the second

accounting period.

Third Account

John Prigge, Jr. died on May 15, 2017, and a majority of the income

beneficiaries appointed Objector Robert Prigge, Jr., to replace him as co-

trustee. Intending to discharge John Prigge’s estate, PNC prepared a Third

Account covering the period from November 8, 2004, to May 15, 2017. By

email dated August 21, 2018, PNC informed Objector Jamie Shryock that the

Third Account was nearly finished and that it intended to seek a one-time

principal fee of $145,000 as a “gesture of good faith,” a figure PNC believed

-3- J-A13025-21

was “reasonable under the circumstances.” Email from PNC’s Mikal Payne,

dated 8/21/18, RR at 810a-811a. See also N.T., 11/5/19, at 77-78

(Testimony of Mikel Payne, Vice President and Trust Officer of PNC). In an

email dated August 29, 2018, Mr. Payne informed Jamie Shryock that “[t]he

trust is currently being charged 5% of collected income; whereas, other

irrevocable trusts we administer are charged according to our published fee

schedule beginning at 1.4% on the first $2,000,000 and 1% on the next

$3,000,000.” Email from Payne, dated 8/29/18, RR 814a. During the third

accounting period, PNC once again collected a five percent income commission

pursuant to the 1954 Letter, totaling approximately $48,000.00.1

On October 10, 2018, PNC informed all of the beneficiaries about its

intent to collect an “interim principal fee” by sending a letter informing them

that it would be requesting such approval from the court. RR. 816a-817a. In

that letter, PNC requested that the beneficiaries “consent” to a “a one-time

principal fee of $142,751.63,” which it explained was one-half of what PNC

would have earned if they had charged fees beginning in 2007 in accordance

1 The Third Account stated the Trust had a fair market value of $2,615,100.27,

and a combined balance of $1,250,716.36, with the assets held in bonds, common stocks, and mutual funds. Between the Second and Third Accounts, the fair market value of the Trust increased over $600,000 from approximately $1.9 million to approximately $2.6 million. Beneficiaries received distributions from Trust income of approximately $944,388 over the thirteen-year third accounting period, compared to $102,320 distributed over the thirty-three- year second accounting period. Adjudication, 7/20/20, at 29-30; see also Third Account, RR 119a-192a.

-4- J-A13025-21

with its tiered fee schedule. Id. The letter concluded that PNC would seek

the court’s approval for the full amount in accordance with their published fee

schedule, i.e., $285,503.25, if the beneficiaries did not “consent” to its

suggested interim principal fee. Id.

On April 2, 2019, PNC filed its Petition for Adjudication, seeking approval

of the Trust’s Third Account, and requesting fees of $69,464.36 as income

commission and $216,038.89 as principal commission, an aggregate of

$285,503.25.2 See Rider annexed to Third Account, at ¶(4)(2).3 PNC also

sought attorney’s fees of $13,270.93 representing those incurred through

March 31, 2019, and a reserve of $7,500 for counsel fees and expenses

incurred in connection with the preparation and filing of the Third Account.

On May 3, 2019, Objectors filed Objections to the Third Account, later

amended with permission, asserting that (1) the additional compensation

sought by PNC was excessive and unreasonable; (2) Section 7768 of the

Uniform Trust Act, 20 Pa.C.S. § 7768, if applicable, did not require rote

application of a trustee’s published standard fee schedule; and (3) the

requested attorney’s fees are improper as PNC should use corporate funds,

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2021 Pa. Super. 203, 271 A.3d 409, Counsel Stack Legal Research, https://law.counselstack.com/opinion/trust-under-deed-of-ott-w-appeal-of-pnc-bank-pasuperct-2021.