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Business has failed to provide the Court with the documentary
evidence necessary to support its contention that Mr. Adorno is
its duly appointed trustee.
As previously discussed, Adorno Business is purportedly an
irrevocable trust wherein The Adorno Asset Management Trust
(Adorno Asset) is the “Creator”/”Investor” and Mr. Adorno is the
“Acceptor”.16 According to the purported trust instrument, Mr.
Adorno was specifically designated “director” of Adorno Business.
However, no provision of the purported trust instrument appoints
or designates Mr. Adorno “trustee” for Adorno Business. We find
it difficult to accept that the title “director” confers the
legal status of trustee on Mr. Adorno. The purported trust
instrument does not define the term “director”, but it dictates
that the director comprises the “Board of Directors” to “exercise
collectively the exclusive management and control of The Adorno
Business Company property and business affairs”. Further, the
purported trust instrument does not provide the director with the
authority to institute legal proceedings on behalf of Adorno
Business.17 The specific duties, powers, and responsibilities
16 We have serious doubts that the trust was validly formed
because Mr. Adorno lacked the requisite capacity to execute the
purported trust instrument on behalf of Adorno Asset. See The
Adorno Asset Mgmt. Trust v. Commissioner, T.C. Memo. 2003-127.
However, we assume arguendo that the purported trust instrument
is valid.
17 See 760 Ill. Comp. Stat. Ann. 5/4.11 (West 1992).
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Last modified: May 25, 2011