Brother and sister bought a commercial building and each owned a 50% beneficial interest in the trust that held title to the property. Brother assigned his beneficial interest to his sister, and she assigned it back to him 5 years later. Brother now suffers from Alzheimer's; his wife claims that sister and her daughter tricked brother into assigning his 50% beneficial interest to them 28 years later. Court properly dismissed counterclaim of sister and her daughter, because the sister's assignment to brother was "for value received" and counterplaintiffs failed to allege facts to show sufficient consideration supported the assignment. Court correctly dismissed counterclaim alleging breach of contract as counterplaintiffs failed to allege facts showing a contract between brother and sister; but dismissal with prejudice was error, thus remanded to allow repleading. Court properly dismissed counterclaim seeking a resulting trust. Property was held in an express trust, which precludes a resulting trust. (WALKER and PIERCE, concurring.)
Illinois Appellate Court
Civil Court
Trusts and Estates