Latest 2 Cases This Week: In re Ricard Family Trust (South Dakota Supreme Court), Mona v. Eighth Judicial Dist. Court (Supreme Court of Nevada)

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From: Trusts & Estates - Justia Weekly Opinion Summaries
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Subject: Latest 2 Cases This Week: In re Ricard Family Trust (South Dakota Supreme Court), Mona v. Eighth Judicial Dist. Court (Supreme Court of Nevada)
 

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Weekly Opinion SummariesTrusts & Estates
Weekly Summaries Distributed September 30, 2016
· In re Ricard Family Trust
Trusts & Estates
South Dakota Supreme Court · Mona v. Eighth Judicial Dist. Court
Trusts & Estates, Family Law
Supreme Court of Nevada Receive this and other FREE daily opinion summaries from Justia
In re Ricard Family TrustCourt: South Dakota Supreme Court Citation: 2016 S.D. 64 Opinion Date: September 28, 2016 Areas of Law: Trusts & Estates Maurice Ricard and his wife, Ella “Bernadette” Ricard, had five girls and one boy. Maurice had a will creating the Maurice M. Ricard Family Trust. The Trust provided that real property owned by Maurice would be held by the Trust for the use and benefit of Bernadette during her lifetime and that, upon the death of Bernadette, the Trust would terminate and the girls would receive the assets. Maurice died in 2002, after which the sisters sold their respective interests in the Trust to their brother. In 2010, after Bernadette died, the Trust terminated. The sisters subsequently sought to rescind their agreements and repurchase their respective interests. The trial court denied relief. The Supreme Court affirmed, holding that the agreements were enforceable, and the sisters should not be allowed to rescind their agreements. http://j.st/46u5 View Case On: Justia Google Scholar

Mona v. Eighth Judicial Dist. CourtCourt: Supreme Court of Nevada Citation: 132 Nev. Adv. Op. No. 72 Opinion Date: September 29, 2016 Areas of Law: Trusts & Estates, Family Law Judgment creditor Far West Industries filed suit against Michael Mona, who, together with Rhonda Mona, was a co-trustee of a family trust. A California court found that Michael committed fraud and awarded Far West a $17.8 million judgment against Michael. Far West domesticated the California judgment in Nevada against Michael and the family trust. The Nevada district court requested to examine Rhonda and ordered the Monas to produce some of Rhonda’s personal financial documents. When the Monas did not produce the documents the district court sanctioned them pursuant to Nev. R. Civ. P. 37 and concluded that the funds on Rhonda’s three bank accounts were subject to execution by Far West pursuant to Nev. Rev. Stat. 21.320 to partially satisfy the judgment. The Supreme Court vacated the post-judgment sanctions order, holding that the district court erred in (1) ordering Rhonda to produce documents and appear for an examination regarding her personal finances without Far West proceeding against Rhonda in her individual capacity or without the court clerk issuing a subpoena and Far West serving the subpoena on Rhonda; and (2) ordering Rhonda’s personal bank accounts to be executed upon pursuant to rule 37 and section 21.320 and to be applied to partially satisfy the judgment. http://j.st/46uQ View Case On: Justia Google Scholar
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