Professional Negligence Law Reporter

Odie Holley owned various real estate holdings and received natural gas royalties. After his death, his estate requested that his son, James Holley, who was his father’s attorney in fact, provide an accounting of $400,000 worth of Odie’s assets. James allegedly failed to account for approximately $300,000.

James’s brother, who was a beneficiary of Odie’s estate, sued James and his wife, alleging breach of fiduciary duty, conversion, and failure to provide an accounting. The plaintiff asserted that James had transferred Odie’s assets to his own accounts, mismanaged assets, and spent his money on things that were not in Odie’s best interests.

The parties settled for $55,000, an additional 20 acres of Odie’s land, and half of the residuary of his trust holdings.

Citation: Priest v. Holley, No. 71-CV-2021-00050 (Ark. Cir. Ct. Van Buren Cnty. Dec. 14, 2023).

Plaintiff counsel: Kent Tester, Clinton, Ark.