Covenant Presbytery, Appellant Cross-Appellee v. First Baptist Church, Osceola, Arkansas, Appellee Cross-Appellant…

Summary

The court held that Carpenter's will created a testamentary trust for administering life estates, but did not create a charitable trust because it identified no charitable purpose for the devise to the two churches. The churches received vested remainder interests at Carpenter's death, so First Presbyterian's interest was assignable to Covenant Presbytery and the cy pres doctrine could not be applied. The court reversed on direct appeal, dismissed First Baptist's fiduciary-duty cross-appeal as moot, and vacated the court of appeals' opinion; Danielson, J., dissenting, would have affirmed the circuit court's charitable-trust and cy pres rulings.