LANDAMERICA (fka LFGRQ)

[detearing]

Conclusion
The Exchange Funds are not excluded from property of the estate pursuant to 11 U.S.C.
§ 541(d) because of the existence of an express trust or as a result of the imposition of a resulting trust. The plain, unambiguous language of the Exchange Agreements clearly establishes that it was not the intent of LES or Millard to create an express trust. As the Exchange Agreements were integrated contracts, Millard cannot use parol evidence to prove the existence of an express trust. Given the parties’ clear intent in the Exchange Agreements not to create an express trust, it is inappropriate for the court to impose a resulting trust upon
them.