A bank trustee that took a little more than two months to distribute trust funds to charities during the precipitous drop in stock prices in late 2008 is not liable for a breach of fiduciary duty under the circumstances of the case, an appellate court in California has affirmed. ( Estate of Gilliland, Hi-Desert Memorial Hospital v. Union Bank of California , Ct. of App. CA, Second Dist., Div. 5, 1/8/16. ) Two charities that had failed to settle their claims with the bank have come up empty in the litigation. Elsinore Machris Gilliland had created a trust upon her death in 1967 that provided $25,000 annual income to each of her five nieces and nephews and to their heirs, if any, following...