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FIRST UNION NAT. BANK v. PICTET OVERSEAS TRUST

No. 02-2467.

351 F.3d 810 (2003)

FIRST UNION NATIONAL BANK, as Trustee of the Southeast Timber Leasing Statutory Trust, Plaintiff, v. PICTET OVERSEAS TRUST CORP., LTD., as Trustee of the Henrietta Y. Jones Trust, Defendant. Pictet Overseas Trust Corp., Ltd., as Trustee of the Henrietta Y. Jones Trust, Counter Claimant/Appellant, v. First Union National Bank, as Trustee of the Southeast Timber Leasing Statutory Trust, Counter Defendant/Appellee.

United States Court of Appeals, Eighth Circuit.

Filed: December 9, 2003.

Attorney(s) appearing for the Case

Philip E. Kaplan, argued, Little Rock, AR, for appellant.

Teresa Maria Wineland, argued, El Dorado, AR, for appellee.

Before WOLLMAN, FAGG, and RILEY, Circuit Judges.

WOLLMAN, Circuit Judge.

Pictet Overseas Trust Corporation, Ltd., (Pictet), trustee of the Henrietta Y. Jones Trust (Jones Trust), appeals the district court's ruling that Pictet's counterclaims for breach of fiduciary duty and conversion were moot in light of the earlier entry of judgment in Pictet's favor under Arkansas statutes furnishing appraisal rights to dissenting corporate shareholders. We reverse and remand for further proceedings.

I.

The...

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