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Sterling v. Sterling, 11/16/15

Relief was not available to a former trustee (removed by reason of incompetency) who sought to undo a sale of a unique asset, a professional basketball team, because acts taken pursuant to Prob. Code, ? 1310, subd. (b) were valid regardless of the outcome on appeal. Substantial evidence supported the removal determination under the terms of the trust and Prob. Code, ?? 810, 811 because two physicians testified as to the trustee’s cognitive impairment and resulting inability to manage finances. Extraordinary circumstances of imminent monetary loss justified applying ? 1310, subd. (b) because the team likely would have lost substantial value had it not been sold promptly. The sale was a proper exercise of winding-up powers under Prob. Code, ? 15407, subd. (b), and it was in the beneficiaries’ interests under Prob. Code, ? 16002 as the price was unusually high. The lower court?s order was affirmed.