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AMERICANS ARTS v. RUTH LILLY CHARITABLE

No. 49A02-0512-CV-1162.

855 N.E.2d 592 (2006)

AMERICANS FOR The ARTS, The Poetry Foundation, and Lilly Endowment, Inc., Appellants-Respondents, v. RUTH LILLY CHARITABLE REMAINDER ANNUITY TRUST # 1 U/A JANUARY 18, 2002, National City Bank of Indiana, Trustee, and Ruth Lilly Charitable Remainder Annuity Trust #2 U/A January 18, 2002, Trustee, National City Bank of Indiana, Trustee, Appellees-Petitioners.

Court of Appeals of Indiana.

October 19, 2006.

Attorney(s) appearing for the Case

Richard A. Smikle, Brian J. Paul, Ice Miller LLP, Indianapolis, IN, Andrew J. Goodman, Kurzman Eisenberg Corbin Lever & Goodman, LLP, New York, NY, Attorneys for Appellant Americans for the Arts.

Maryellen K. Bishop, Michael P. Bishop, Drewry Simmons Vornehm, LLP, Indianapolis, IN, Eugene J. Schiltz, Robert F. Coleman, Robert F. Coleman & Associates Chicago, IL, Attorneys for Appellant the Poetry Foundation.

Ben W. Blanton, John A. Gardner, Robert K. Stanley, Baker & Daniels, LLP, Indianapolis, IN, Attorneys for Appellant Lilly Endowment, Inc.

Micheal Rosiello, Stanley C. Fickle, Barnes & Thornburg, LLP, Edward O. DeLaney, LLC, Indianapolis, IN, David A. Baker, Elizabeth B. Herrington, McDermott Will & Emery LLP, Chicago, IL, Attorneys for Appellee National City Bank of Indiana.

OPINION

BAKER, Judge.

The primary question presented by this appeal is whether National City Bank of Indiana (National City), as trustee of two charitable trusts created by Ruth Lilly's (Ruth) estate plan, was required to diversify the trust assets. Although as a general rule, trustees have a duty to diversify, the trust instrument may modify that duty by permitting the trustee to retain certain— or all—trust assets. Concluding that the relevant...

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