ÿWPC^ 3# ÚUNå %3 0(9w@a4¡µ 0lÄ 0D0t 0J| 0TÆ 0^ 0hx 0rà 0|R 0†Î 0T 1uä 0dY 0@½ D3ý B0 U>M B)‹ DC´ AM÷ U*D AQn Æ¿ 0D… 0DÉ D/ B< Y ±\v~ vÓ‹˜HP LaserJet 4SiHPPCL5MS,ü,,,,,ü0nLHÎ(ÈhH  Z 6Times New Roman RegularX($¡¡ * +,D-D.D/U0D1V2Ó€>äzz!233445563|x>((3üÝ$¤¤Ý ƒ!ÝÝ  Ýà  àòòÚ  Ú0Ú  Úóó(#Ã$òòÚ  Ú0Ú  Úóó2 ÿÿ0Indent1Ô2ÔÔ3  Ô2" ÿÿ0Indent2à0 àÔ2ÔÔ3  Ô2, ÿÿ0Indent3à0 àà0 àÔ2ÔÔ3  Ô26 ÿÿ0Indent4à0 àà0 àà0 àÔ2ÔÔ3  Ô2@ ÿÿ0Indent5à0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2J ÿÿ0Indent6à0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2T ÿÿ0Indent7à0 àà0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2^ ÿÿ0Indent8à0 àà0 àà0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô ÿÿ?AGMSYaioIndent0I.A.1.a.(1)(a)i)a)P ÿÿ8Mac DefaultMac DefaultÓ ` °šXÓ("ÿÿ$££Ò  ÒÒ  Ò""""'ÿÿdxd d< Œ 9p`(&Times New Roman% Line 7 d%%%%7Border 1dd* &Cþÿ << Gÿÿ< Œ 9p`(Arial*+ ,-Cþÿ<< CÿÿƒLevel 1Level 2Level 3Level 4Level 5(3¯$¢¢Ý ƒ!ÝÝ  Ý($$””ò òÚ  Ú1Ú  Úó ó..'÷ÿ dxdüÿP Pd ùÝ ƒ!ÝÔ€$ÔÝ  ÝÝ ƒ+"ÝÝ  ÝÔ€(ÔÔ€(ÔÓ  ÓÔ YYY ÔFILEDÔ€(XÔÌÌò òJune€20,€1997ÌÌCecil€Crowson,€Jr.ÌÔ€(ôÔAppellate€Court€Clerkó ó §Ý ƒ!ÝÑ#€d#ÑÔ€$ÔÝ  ÝÝ ƒ $Ýà àòòÚ  ÚÚ  ÚóóÝ  ÝMississippi€Code€Annotated€ðð€87„3„3€provides:ÌÌà8 àà àConveyances€of€land,€or€contracts€relating€thereto,€executed€by€an€attorneyÏin€fact€for€his€principal,€and€duly€acknowledged€or€proved,€shall€have€the€sameÏforce€and€effect€as€if€executed€and€acknowledged€by€the€principal;€and€where€aÏconveyance€by€an€attorney€is€in€execution€of€letters€of€attorney,€so€acknowledged€orÏproved€and€recorded,€it€shall€pass€the€interest€of€the€principal€though€not€formallyÏexecuted€in€his€name.ÌÌMiss.€Code€Ann.€ðð€87„3„3€(1972).ÌPtPtHHÚ(ÿáÿâùFG(üHHÚ(d'hStyl{WP}01•ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà Ãà Ãà Ãà Ãà ÃÃÃÃÃÃÃÃÃÃÃÐ ÐÐHHÐÐ  ÐÐ2ÐÐÿÿ¸æ$ÿÐÐHHÐÐÐÐÐÐÐÐ  ÐÐ ÐÐ ÐÑÑÑGenevaÑÑ ÑÑ € ÑÑ<Px–ÈÑÒÒÒ443!#4ÒÒ$ *$ÒÒ$*$ÒÒ ÿKK ÒÒ  Geneva ÒÒ  Geneva ÒÓ.,ÓÓÓÓ6ÓÓ ÓßßßßßßßßßßßßßßßßßßÑGenevaÑÑ ÑÒ  h HD: Geneva ÒÒ  h HD: Geneva ÒÝ ƒ!ÝÔ . ÔÔ€$ÔÝ  Ýò òÑ\R AØ'\ÑÑ\R AØ'\Ñ›Þ ÞÌà@ àIN€THE€COURT€OF€APPEALS€OF€TENNESSEEó óÌà@ àò òWESTERN€SECTION€AT€JACKSONÌà àà àà àòò€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€ÌÌóóÌÌJOHN€J.€WOLFE,€à àà àà àà àà à)à àÌà àà àà àà àà àà àà à)à àÌà àà àó óPlaintiff/Appellant,ò òà àà àà à)à àó óMadison€Law€NO.€C„94„088€Ìà àà àà àà àà àà àà àò ò)Ìvs.à àà àà àà àà àà àà à)à à€Ìà àà àà àà àà àà àà à)̜ـ*ÙßR€'/&A1-j|·ü@` Å `€€@ÿRß›FIRST€AMERICAN€CORPORATION,€d/b/aà à)à àó óAppeal€No.€€02A01„9510„CV„00212€€Ïò òFIRST€AMERICAN€TRUST€COMPANY€OFà à)ÌJACKSON,€TENNESSEEà àà àà àà à)Ìà àà àà àà àà àà àà à)Ìó óà àà àDefendant/Appellee.€à àà àò òà à)à àÌòòó óÌò òóóÌ€€€ÌÌÌà@ àó óAPPEAL€FROM€THE€CIRCUIT€COURT€OF€MADISON€COUNTYÌà@ àAT€JACKSON,€TENNESSEEÌÌÌÌà@ àTHE€HONORABLE€WHIT€S.€LAFON,€€JUDGE€€€ÌòòÌÌÌFor€the€Plaintiff/Appellantóó:òòà àà àà àFor€the€Defendant/Appelleeóó:òòÌóóÌCarl€I.€Jacobson€€à àà àà àà àWilliam€C.€Bell,€Jr.ÌMemphis,€Tennesseeà àà àà àà àJackson,€TennesseeÌ€€€€€€€€€€€€€€€€€€ÌÌò òÌÌÌà@ à€€€€€€€€€€€€€€€€€€€€AFFIRMED€€€€€€€€€€€€ÌÌÌÌÌà àà àà àà àà àà àó óHOLLY€KIRBY€LILLARD,€JUDGEÌÌÌÌCONCUR:ÌÌòòÌóóALAN€E.€HIGHERS,€J.€€€€€€€€€€ÌÌÌDAVID€R.€FARMER,€J.ÌÇØØÙ  ÙÓÓò òÓ  ÓÑ7€lÖXXdðXXdð7ÑÑ  ÑOPINIONó óÌÓ  Óà àIn€this€case,€the€plaintiff€asserted€that€the€defendant€trust€company€distributed€trust€funds€inÏviolation€of€the€conditions€set€forth€in€the€trust€instrument.€€The€trial€court€found€no€trust€violation,Ïand€we€affirm.Ìà àAqua€Yacht€Harbor€Marina€Limited€Partnership€(ð ðAqua€Yachtðð)€planned€to€locate€a€marinaÏin€Tishomingo€County,€Mississippi,€and€lease€yacht€slips.€€however,€Aqua€Yacht€did€not€yet€ownÏthe€land€on€which€the€marina€was€to€be€situated.€€It€sought€to€enter€into€agreements€to€lease€theÏyacht€slips€prior€to€acquiring€the€land.€€To€safeguard€the€monies€received€for€the€leases€prior€toÏAqua€Yachtððs€acquisition€of€the€land,€Aqua€Yacht€entered€into€a€Trust€Agreement€(ð ðTrustðð)€withÏAppellee€First€American€Trust€Company€of€Jackson,€Tennessee€(ð ðFATCðð).€€The€Trust€providedÏthat€lessee€funds€received€for€the€lease€of€slips€would€be€placed€in€trust€and€would€be€distributedÏonly€upon€the€following€conditions:ÌÓÓà8 àA.à àTo€Lessor€[Aqua€Yacht],€when€Lessor€delivers€to€Trustee€[FATC]€aÏcertified€copy€of€a€Warranty€Deed€showing€title€to€certain€real€property€inÏTishomingo€County,€Mississippi€(ð ðReal€Propertyðð)€whereby€Lessor€shall€haveÏsufficient€power€in€accordance€with€applicable€law€to€deliver€Leases€to€Lessees,€onÏor€before€June€2,€1994,€and€when€Lessor€delivers€to€Trustee€a€fully€executed€LeaseÏin€the€format€of€the€ð ðLeaseðð€attached€hereto€as€Exhibit€ð ðBðð,€orÌÌà8 àB.à àTo€each€Lessee,€from€whom€Lessor€received€a€contribution,€if€a€certifiedÏcopy€of€a€Warranty€Deed€for€the€Real€Property€is€not€delivered€to€the€Trustee€on€orÏbefore€June€2,€1994,€and€a€fully€executed€Lease€Agreement€in€the€form€of€theÏð ðLeaseðð€attached€hereto€as€Exhibit€ð ðBðð€is€not€delivered€to€the€Trustee€before€June€2,Ï1994€.€ÌÌÓÓThus,€the€Trust€stated€that€lessee€funds€were€to€be€distributed€to€Aqua€Yacht€when€Aqua€YachtÏdelivered€to€FATC€a€warranty€deed€for€the€real€property.€€Aqua€Yacht€offered€long„term,€ninety„nine„year€leases€to€prospective€lessees.€€The€lease€contracts€provided€that€the€leases€would€notÏbecome€binding€as€long„term€leases€until€the€Trust€provisions€had€been€complied€with.€€€TheÏprovisions€of€the€Contract€for€Lease€included€the€following:ÌÓÓà8 à3.à àThis€Closing€is€effective€as€of€this€date,€with€the€following€contingencies:ÌÌà8 à(a)à àAs€of€the€date€hereof,€Lessor€[Aqua€Yacht]€has€a€right€of€possessionÏcoupled€with€an€option€to€purchase€the€property€on€which€the€Slip€lies,€such€optionÏexercisable€by€Lessor€at€any€time€on€or€prior€to€June€1,€1994.€€Consequently,€theÏLease€Agreement€shall€not€be€effective€as€a€long„term€lease€until€the€requirements€ofÏparagraph€4(b)€(1)€below€are€met.ÌÌÓ  Ó*€*€*€*ÌÓ  ÓÌà8 à4.à à(a)à àUpon€execution€of€the€Lease€and€payment€of€the€sum€set€forth€inÏparagraph€2€above,€the€Net€Lease€Price€.€.€.€shall€be€placed€with€the€Aqua€YachtÏHarbor€Marina€Limited€Partnership€in€an€interest€bearing€trust€account€at€First€œÇà8 àAmerican›€National€Bank€of€Jackson,€Tennessee,€subject€to€the€terms€and€conditionsÏof€a€Trust€Agreement€with€said€Trust€Company.€.€.€.ÌÌà8 à(b)à àThe€Funds€.€.€.€shall€not€be€released€from€trust€until€the€first€to€occur€of€theÏfollowing€events:ÌÌà8 àà8 à(1)à àLessor€exercises€the€option€referred€to€in€paragraph€3(a)Ïabove,€in€which€event€he€shall€deliver€to€Trustee€a€fully€executedÏLease€Agreement€identifying€the€Slip€leased€by€Lessee€and€specifiedÏherein,€in€the€format€of€the€ð ðLeaseðð€which€is€attached€as€Exhibit€1€toÏthe€Offering€Plan€issued€by€Lessor;€orÌÌà8 àà8 à(2)à àJune€2,€1994€arrives€without€exercise€of€the€optionÏ(paragraph€3(a))€and€the€Lease,€as€described€in€the€precedingÏparagraph,€is€therefore€not€delivered€by€Lessor€to€Trustee.ÌÌÓÓThus,€the€lease€contracts€provided€that€they€became€binding€as€long„term€leases€only€if€Aqua€YachtÏdelivered€to€FATC€the€executed€leases€and€a€warranty€deed€for€the€real€property€on€which€theÏmarina€was€located€on€or€before€June€1,€1994.€€FATC€would€then€distribute€the€trust€funds€toÏAqua€Yacht.Ìà àOn€May€1,€1990,€Appellant€John€Wolfe€(ð ðWolfeðð)€signed€a€lease€and€lease€contract€withÏAqua€Yacht,€agreeing€to€pay€$100,000€for€a€ninety„nine„year€lease€on€a€slip.€€On€the€same€day,ÏWolfe€also€signed€a€Guaranteed€Right€of€Resale€with€Aqua€Yacht.€€This€document€gave€Wolfe€theÏoption€to€require€Aqua€Yacht€to€buy€back€the€yacht€slip€under€certain€conditions,€on€or€beforeÏJanuary€10,€1994.€€Although€the€Guaranteed€Right€of€Resale€referred€specifically€to€the€Trust,€it€Ïwas€not€referenced€in€the€Trust,€the€Contract€for€Lease,€or€the€Lease.€€Therefore,€FATC€was€not€aÏparty€to€any€agreement€that€referenced€Wolfeððs€Guaranteed€Right€of€Resale.€€Ìà àIn€sum,€the€contracts€involved€are:Ìà à1.€€The€Trust€(between€Aqua€Yacht€and€FATC)€„€Prior€to€Aqua€Yacht€acquiring€the€land€onÏwhich€the€marina€was€situated,€monies€from€the€lease€of€yacht€slips€were€placed€in€trust.€€WhenÏAqua€Yacht€delivered€to€FATC€a€warranty€deed€for€the€land,€demonstrating€it€had€authority€toÏprovide€long€term€leases,€FATC€could€then€release€to€Aqua€Yacht€the€lease€monies€held€in€trust.Ìà à2.€€Lease€Contract€(between€Aqua€Yacht€and€Wolfe)€„€Prior€to€Aqua€Yacht€acquiring€theÏland€on€which€the€marina€was€situated,€the€lease€for€the€boat€slip€would€not€be€long„term€and€theÍlease€monies€would€be€placed€in€trust€under€the€Trust.€€If€Aqua€Yacht€delivered€to€FATC€theÏexecuted€boat€slip€leases€and€a€warranty€deed€for€the€land,€the€leases€would€become€long„term€andÏFATC€would€deliver€the€trust€monies€to€Aqua€Yacht.€€FATC€was€not€a€party€to€the€LeaseÏAgreements€but€had€knowledge€of€them.Ìœ›à à3.€€Guaranteed€Right€of€Resale€(between€Wolfe€and€Aqua€Yacht)€„€This€Agreement€gaveÏWolfe€the€option€to€require€Aqua€Yacht€to€buy€back€the€boat€slip€lease€under€certain€conditions.€ÏFATC€was€not€a€party€to€this€agreement€and€had€no€knowledge€of€it.̛̜à àIn€September€1990,€Aqua€Yacht€sent€to€FATC€a€letter€and€affidavit,€with€attachments,Ïpurporting€to€meet€the€Trust€requirements€for€the€distribution€of€the€trust€funds€to€Aqua€Yacht.€ÏThe€attachments€to€the€affidavit€included€€a€Memorandum€and€Limited€Power€of€Attorney€betweenÏAqua€Yacht€and€the€owner€of€the€land€on€which€the€marina€was€located.€€This€document€gave€AquaÏYacht€the€power€to€offer€legally€valid,€ninety„nine„year€leases€to€the€slip€lessees.€€It€was€not€aÏwarranty€deed,€as€stated€in€the€Trust.€€FATC€sought€legal€advice€on€whether€these€documentsÏsatisfied€the€Trust€requirements€for€the€release€of€trust€funds.€€FATCððs€legal€counsel€gave€FATC€aÏverbal€opinion€that€the€Memorandum€and€Limited€Power€of€Attorney€was€the€functional€equivalentÏof€a€warranty€deed€and€gave€Aqua€Yacht€sufficient€power€to€deliver€legally€binding,€ninety„nine„year€leases€to€lessees€of€the€boat€slips.€€Consequently,€FATC€released€the€trust€funds€to€AquaÏYacht.Ìà àIn€December€1993,€Wolfe€sent€Aqua€Yacht€a€letter€notifying€Aqua€Yacht€€that€he€wished€toÏexercise€his€option€to€sell€back€his€slip,€under€the€Guaranteed€Right€of€Resale.€€€Wolfe€learned€thatÏAqua€Yacht€had€sold€the€marina,€and€the€new€owner€of€the€marina€refused€to€honor€the€resaleÏagreement.€€Wolfe€then€sought€from€FATC€a€reimbursement€of€his€$100,000€investment€andÏfound€that€the€funds€had€already€been€distributed€to€Aqua€Yacht.€€Wolfe€sued€FATC€for€violatingÏthe€Trust.€€à àFATC€filed€a€motion€for€summary€judgment,€which€was€granted€by€the€trial€court.€ÏThe€trial€court€concluded€that€the€Memorandum€and€Limited€Power€of€Attorney€ð ðwas€the€legal€andÍfunctional€equivalent€of€a€warranty€deed€under€Mississippi€law,ðð€and€that€the€ð ðintent€and€purposeÏof€the€Trust€were€satisfiedðð€by€the€Memorandum€and€Limited€Power€of€Attorney.€€The€trial€courtÏreasoned€that€FATC€should€not€be€the€guarantor€of€a€contract€of€which€it€had€no€knowledge.€€ItÏnoted€that€exculpatory€clauses€in€the€Trust€protected€FATC€from€liability,€and€that€Wolfe€had€notÏbeen€disturbed€in€his€use€of€the€slip,€had€not€attempted€to€sell€the€slip,€and€had€suffered€no€legallyÏcognizable€damages.Ìœ›à àOn€appeal,€Wolfe€claims€that€FATC€is€liable€to€him,€as€a€beneficiary€of€the€Trust,€forÏdistributing€the€trust€funds€in€violation€of€the€express€and€unambiguous€conditions€of€the€Trust.€€InÏthe€alternative,€he€maintains€that€the€Memorandum€and€Limited€Power€of€Attorney€received€byÏFATC€was€not€the€functional€equivalent€of€a€warranty€deed.Ìà àA€motion€for€summary€judgment€should€be€granted€when€the€movant€demonstrates€thatÏthere€are€no€genuine€issues€of€material€fact€and€that€the€moving€party€is€entitled€to€a€judgment€as€aÏmatter€of€law.€€Tenn.€R.€Civ.€P.€56.03.€€The€party€moving€for€summary€judgment€bears€theÏburden€of€demonstrating€that€no€genuine€issue€of€material€fact€exists.€€ò òòòByrd€v.€Hallóóó ó,€847ÏS.W.2d€208,€211€(Tenn.€1993).€€On€a€motion€for€summary€judgment,€the€court€must€take€theÏstrongest€legitimate€view€of€the€evidence€in€favor€of€the€nonmoving€party,€allow€all€reasonableÏinferences€in€favor€of€that€party,€and€discard€all€countervailing€evidence.€€òòò òId.ó óóó€at€210„11.€€SummaryÏjudgment€is€only€appropriate€when€the€facts€and€the€legal€conclusions€drawn€from€the€factsÏreasonably€permit€only€one€conclusion.€€ò òòòCarvell€v.€Bottomsó óóó,€900€S.W.2d€23,€26€(Tenn.Ï1995).€€Since€only€questions€of€law€are€involved,€there€is€no€presumption€of€correctness€regardingÏa€trial€court's€grant€of€summary€judgment.€€ò òòòId.ó óóó€€Therefore,€our€review€of€the€trial€courtððs€grant€ofÏsummary€judgment€is€ò òòòde€novoó óóó€on€the€record€before€this€Court.€€ò òòòId.óóó óÌà àGenerally,€trust€instruments€are€€interpreted€in€the€same€manner€as€contracts,€deeds,€orÏwills.€€ò òòòMarks€v.€Southern€Trust€Co.óóó ó,€203€Tenn.€200,€205,€310€S.W.2d€435,€437„38€(1958).€ÏDetermining€the€intent€of€the€settlor€is€of€primary€importance.€€€òòò òId.ó óóó€at€205,€310€S.W.2d€at€438.€ÏThis€intent€is€normally€ascertained€by€looking€to€the€four€corners€of€the€instrument,€giving€noÍprovision€greater€emphasis€than€any€another.€€ò òòòId.óóó ó€€Even€so,€ð ð[i]t€is€not€necessarily€so€much€theÏlanguage€that€is€used€by€the€settlor€as€it€is€his€or€her€evident€intention€which€governs.ðð€€ò òòòId.óóó ó€€If€theÏinstrument€is€ambiguous,€the€œintent›€of€the€settlor€is€to€be€determined€€not€only€from€the€provisionsÏof€the€trust€instrument€but€also€from€the€surrounding€facts€and€circumstances.€€ò òòòSee€HMF€TrustÏv.€Bankers€Trust€Co.ó óóó,€827€S.W.2d€296,€299€(Tenn.€App.€1991).Ìà àThe€Trust€stated€that€the€trust€funds€were€to€be€distributed€only€when€Aqua€Yacht€acquiredÏa€warranty€deed€to€the€property€on€which€the€slips€were€located.€€Other€language€in€the€Trust,Ïhowever,€indicates€the€reason€for€requiring€a€warranty€deed.€€In€the€same€sentence€as€theÏrequirement€for€a€warranty€deed,€the€Trust€states€that€Aqua€Yacht€must€deliver€to€FATC€a€warrantyÏdeed€ð ðwhereby€Lessor€shall€have€sufficient€power€in€accordance€with€applicable€law€to€deliverÏLeases€to€Lessees.ðð€€This€qualifying€language€makes€it€clear€that€the€settlor€required€a€warrantyÏdeed€ò òòòin€orderóóó óòò€ò òòòóótoóóó ó€deliver€the€required€leases.€€òòò òSee€Marksóóó ó,€203€Tenn.€at€205,€310€S.W.2d€at€438Ï(stressing€the€importance€of€the€settlorððs€œintent›€ð ðas€evidenced€by€all€the€provisions€of€theÏinstrument.ðð).€Therefore,€the€language€of€the€Trust€evidences€the€settlorððs€intent€that€Aqua€Yacht€beÏrequired€to€demonstrate€its€ability€to€deliver€the€leases€before€FATC€could€distribute€the€trustÏfunds.€€€€The€language€of€the€Trust€is€unambiguous;€consequently,€extrinsic€evidence€is€notÏrequired.€€However,€the€record€includes€the€lease€contracts€and€an€affidavit€from€BenardÏBlasingame,€Aqua€Yachtððs€president€and€general€partner,€both€of€which€support€the€conclusion€thatÏthe€intent€in€setting€up€the€Trust€was€to€require€Aqua€Yacht€to€demonstrate€that€it€could€provide€theÏlessees€with€valid€leases,€prior€to€receiving€the€trust€funds.€€Consequently,€so€long€as€theÏMemorandum€and€Limited€Power€of€Attorney€were€sufficient€for€Aqua€Yacht€to€deliver€theÏrequired€leases,€the€purpose€of€the€Trust€would€be€fulfilled.€€òòò òSee€HMF€Trustó óóó,€827€S.W.2d€atÏ299.Ìà àWolfe€contends€on€appeal€that€the€trial€court€erred€in€holding€that€the€Memorandum€andÏLimited€Power€of€Attorney€was€the€functional€and€legal€equivalent€of€a€warranty€deed€underÏMississippi€law.€€€The€Memorandum€and€Limited€Power€of€Attorney€entered€into€œbetween€BenardÍBlasingame€and›€J.€C.€Edge,€the€fee€holder€of€the€land€where€the€marina€was€located,œ€€provides›€thatÏAqua€Yacht€shall€have:€ÓÓÌÌà8 àthe€full€right€and€authority€to€execute€on€his€[Edgeððs]€behalf,€his€consent€to€any€andÏall€documents€reasonably€required€to€transfer€or€assign€to€any€Aqua€Lessee€all€ofÏEdgeððs€interest€in€that€portion€of€the€Property€described€in€any€Aqua€Lease€to€allowÏthe€Aqua€Lease€to€be€fully€effective€in€accordance€with€its€terms€as€if€Aqua€YachtÏHarbor€Marina€Limited€Partnership€(ð ðthe€Limited€Partnershipðð)€was€the€fee€holder,Ïthereby€allowing€the€Limited€Partnership€to€have€sufficient€power€in€accordanceÏwith€applicable€law€to€execute€fully€effective€Aqua€Leases€with€the€Aqua€Lessees.ÌÌÓÓThe€agreement€was€irrevocable€and€provided€that€the€leases€would€be€for€ninety„nine€years.€Ìà àBecause€the€property€in€question€is€situated€in€Mississippi,€the€ð ðapplicable€lawðð€referred€toÏin€the€Memorandum€and€Limited€Power€of€Attorney€is€Mississippi€law.€€Mississippi€law€allows€anÏattorney„in„fact€to€convey€property€in€the€name€of€his€principal.× ƒ0 ××  ×€€Miss.€Code€Ann.€ðð€87„3„3Ï(1972).€€In€addition,€ð ð[a]€letter€of€attorney€to€transact€any€business€need€only€express€plainly€theÏauthority€conferred.ðð€€Miss.€Code€Ann.€ðð€87„3„7€(1972).€€Therefore,€the€Memorandum€andÏLimited€Power€of€Attorney€was€sufficient€to€empower€Aqua€Yacht€to€deliver€ninety„nine„yearÏleases€to€the€lessees.Ìà àOn€appeal,€Wolfe€argues€only€that€a€Memorandum€and€Limited€Power€of€Attorney€is€not€aÏwarranty€deed;€the€record€includes€no€evidence€that€the€Memorandum€and€Limited€Power€ofÏAttorney€was€insufficient€to€permit€Aqua€Yacht€to€deliver€the€required€leases.€€It€is€undisputed€that€ÏWolfe€has€enjoyed€the€right€to€use€his€boat€slip€since€his€lease€was€executed,€and€that€no€one€hasÏchallenged€his€right€to€the€boat€slip.€€Since€the€Memorandum€and€Limited€Power€of€Attorney€gaveÏAqua€Yacht€authority€to€deliver€the€leases,€it€satisfied€the€condition€precedent€to€the€distribution€ofÍthe€trust€funds.€€The€trial€court€is€affirmed€on€this€issue.€€Ìà àWolfe€argues€that€he€relied€on€the€Trust€to€recoup€his€investment€if€€Aqua€Yacht€failed€toÏhonor€the€Guaranteed€Right€of€Resale.€€If€he€decided€to€exercise€his€option€and€Aqua€Yacht€couldÏnot€perform,€he€could€petition€FATC€as€Trustee€for€the€return€of€his€money€from€the€trust€funds.€ÏIf€the€funds€had€been€distributed€to€Aqua€Yacht,€Wolfe€could€then€sue€Aqua€Yacht€and€attach€theÏland€for€satisfaction€of€his€judgment.€€In€this€case,€however,€the€trust€funds€had€been€distributed€toÏAqua€Yacht€and€used€to€pay€creditors,€and€Aqua€Yacht€did€not€own€the€land€on€which€the€marinaÏwas€situated.Ìà àThe€trial€court€found€that€Wolfe€was€improperly€attempting€to€ð ðplace€FATC€in€the€positionÏof€a€guarantor€or€insurer€of€Aqua€as€to€an€agreement€between€Aqua€and€Wolfe€that€was€neverÏdisclosed€to€FATC€and€was€not€part€of€the€Trust.ðð€€ò òòòSee€Young€v.€Phillipsó óóó,€170€Tenn.€169,Ï174,€93€S.W.2d€634,€636€(1936)€(ð ðIt€must€be€borne€in€mind€that€trustees€are€not€insurers€.€.€.€.ðð).€ÏWolfe€points€to€no€evidence€in€the€record€that€FATC€had€any€knowledge€of€the€Guaranteed€RightÏof€Resale.€€So€long€as€FATC€fulfilled€the€purpose€of€the€Trust€by€requiring€Aqua€Yacht€toÏdemonstrate€it€could€deliver€the€required€leases,€FATC€cannot€be€held€liable€for€a€contract€to€whichÏit€was€not€a€party€and€of€which€it€had€no€knowledge.€€The€trial€court€is€affirmed€on€this€issue€asÏwell.€€Ìœ›à àIn€sum,€the€language€of€the€Trust€demonstrates€that€the€settlorððs€intent€was€to€require€AquaÏYacht€to€demonstrate€its€ability€to€deliver€the€required€leases€as€a€condition€precedent€to€FATCððsÏdistribution€of€trust€funds.€€The€Memorandum€and€Limited€Power€of€Attorney€was€sufficient€underÏMississippi€law€to€give€Aqua€Yacht€the€ability€to€deliver€the€leases.€€FATC€cannot€be€required€toÏact€as€guarantor€for€Wolfeððs€Guaranteed€Right€of€Resale,€an€agreement€of€which€it€had€noÏknowledge.€€Our€affirmance€of€the€trial€court€on€these€issues€pretermits€the€remaining€issues€raisedÏby€Wolfe€on€appeal.Ìà àThe€decision€of€the€trial€court€is€affirmed.€€Costs€are€assessed€against€Appellant,€for€whichÏexecution€may€issue€if€necessary.ÌÌÓÓà àà àà àà àà àòò€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€Ìà àà àà àà àà àò òóóHOLLY€KIRBY€LILLARD,€J.ÌÌÌCONCUR:ÌÌòòÌ€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€ÌóóALAN€E.€HIGHERS,€J.ÌÌÌòòÌ€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€€óóÌDAVID€R.€FARMER,€J.ó óÌà àÌ