PROPERTY - ALLEGED TRUST MISMANAGEMENT - ATTORNEY FEES TO TRUSTEE - REGIONS BANK, AS TRUSTEE, ETC. V. LOWREY
Regions Bank, as Trustee, etc. v. Lowrey, [Ms. 1101541, Aug. 10, 2012] ___ So. 3d ___ (Ala. 2012). The beneficiaries of the J. F. B. Lowrey Trust sued Regions Bank, alleging mismanagement. The trust's 20,000 acres of timber land were substantially damaged by Hurricane Ivan in 2004. The beneficiaries alleged that Regions should have diversified the trust's assets, should have purchased standing-timber insurance, or should have aggressively clear-cut the timber. The trial court rejected the arguments of mismanagement, and the Supreme Court affirms. The Court reverses the trial court's denial of attorney fees and its failure to award costs, pursuant to the statutes governing trustees.