Scouts not entitled to interest on withheld distributions
A Boy Scout Council in California has been denied interest on distributions from a charitable lead trust that were withheld during a dispute over its entitlement to the funds. An appellate court in California has affirmed a trial court decision denying the payments. Lowell Patton established the Patton Family Lead Trust in February, 2003. It was intended to provide income to five beneficiary charities for 15 years, with the remainder to be distributed to three family members. The Ventura County Council of the Boy Scouts was one of the income beneficiaries. The trust document provided that the administrative trustee could withhold from distribution, “in the Trustee’s discretion,” and “...
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