Tuesday, May 17, 2016

"Equivalent value"

What could Benson possibly offer that is worth that?
U.S. District Judge Jane Triche Milazzo ruled that the fact that the values have yet to be determined does not change Benson’s power to make substitutions.

Milazzo rejected the arguments of trustees Mary Rowe and Robert Rosenthal, appointed to guard the interests of Benson’s daughter Renee Benson and her children, Rita and Ryan LeBlanc.

“Clearly, the grantor (Benson) has the unilateral power to effect the substitution, provided that he certify that it is of equivalent value,” Milazzo wrote. “The trustee must then verify that the substituted assets are indeed of equivalent value. The trusts do not say, however, that he may delay the substitution while such a verification is made.”
Probably they won't accept one of the horses. 

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