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NAKAHARA v. NS 1991 AMERICAN TRUST

C.A. No. 15905.

739 A.2d 770 (1998)

Kiiko NAKAHARA and Jean-Paul Renoir, Plaintiffs, v. The NS 1991 AMERICAN TRUST, a Delaware business trust, Defendant, v. Nihon Sangyo Kabushiki Kaisha, a Japanese corporation, Defendant-Intervenor.

Court of Chancery of Delaware, New Castle County.

Decided: March 20, 1998.

Attorney(s) appearing for the Case

Edward M. McNally, Richard D. Kirk, and Nancy R. Walsh, of Morris, James, Hitchens & Williams, Wilmington, Delaware, for plaintiffs.

Stephen E. Jenkins, of Ashby & Geddes, Wilmington, Delaware, for defendant.

David S. Eagle, of Klehr, Harrison, Harvey, Branzburg & Ellers LLP, Wilmington, Delaware; and Abbe F. Fletman, and Glen A. Weiner, of Klehr, Harrison, Harvey, Branzburg & Ellers LLP, Philadelphia, Pennsylvania, for defendant-intervenor.

OPINION

CHANDLER, Chancellor.

Plaintiffs are managing trustees of a Delaware business trust seeking advance indemnification from the trust under an advancement provision in the trust's governing instrument. The trust agrees that plaintiffs are entitled to advancement. A beneficiary of the trust's parent trust objects to the advancement on the grounds that the Delaware Business Trust Act does not permit business trusts to advance litigation expenses...

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