Fiduciary Duty, Accounting

Who Has The Duty To Prepare An Accounting When The Trustee Dies Or Becomes Incapacitated?

Winstead PC on 12/20/2023

Beneficiaries of trust can face a difficult situation when the trustee of their trust either dies or becomes incapacitated. They may have many questions about the trust, such as what assets are in the trust or should be in...more

Strength in Numbers: The Resurgence of the Accounting Claim in Business Divorce Litigation

Farrell Fritz, P.C. on 9/5/2023

At the beginning of last year, I wrote a eulogy for the equitable accounting cause of action in business disputes: But What of the Equitable Accounting? The gist was that perhaps due to its potential potency, and certainly...more

But What of the Equitable Accounting?

Farrell Fritz, P.C. on 3/21/2022

I can’t say what the number is, but my own experience tells me that a significant percentage of lawsuits by a minority owner of a closely-held company against those in control of the company include a demand for an...more

Don’t Skimp On The Facts – Failure Of Fiduciaries To Make Full Disclosure Of Matters Set Forth In An Accounting May Be Considered...

Weintraub Tobin on 9/21/2021

In the recently published case of Hudson v. Foster, 2021 Cal.App. LEXIS 737, the Court of Appeal for the Second Appellate District, Division Five, determined that a former conservatee who discovered that certain transactions...more

Bringing Down The Hammer – California Appellate Court Upholds $1,000 Per Day Sanction For Failure To Timely File Accounting

Weintraub Tobin on 8/11/2021

As trusts and estates litigation counsel, we often have matters where a fiduciary, either as a trustee, conservator, personal representative, or agent under a power of attorney, fails to provide financial information when...more

Two Entities, Two Outcomes: Withdrawal and the Right to an Accounting

Farrell Fritz, P.C. on 9/21/2020

In Jacobs v Cartalemi, now the leading case on the subject of LLC member withdrawal (which our firm had the pleasure of litigating), the Appellate Division – Second Department repeated a well-established principle of law:...more

Uniform Principal and Income Act

Holland & Hart LLP on 11/19/2019

Trustees constantly deal with the characterization of receipts and disbursements for the purposes of calculating fiduciary accounting income. Fiduciary accounting income is not the same as taxable income; taxable income is...more

Shareholder Oppression Requires More Than Denial of Access to Company Information

Farrell Fritz, P.C. on 4/9/2018

The family-owned business at the center of Vaccari v Vaccari, 2018 NY Slip Op 30546(U) [Sup Ct NY County Mar. 28, 2018], decided last month by veteran Manhattan Commercial Division Justice Eileen Bransten, is a classic...more

Blue Man Group Member’s Fiduciary Duty Claim Drummed Out of Court

Farrell Fritz, P.C. on 4/5/2018

Ian Pai was an early participant in the Blue Man Group (“BMG”). Between 1989 and 1991, he met and began collaborating with the founders of BMG, namely, Chris Wink, Phillip Stanton and Matt Goldman. ...more

Releases: End of the Road or Just a New Beginning?

Farrell Fritz, P.C. on 10/6/2017

The fiduciary who thinks a receipt and release is the answer to all future claims for an accounting and liability may have a surprise in store. Over the past several months, Surrogates have explored the issue of receipts and...more

Accounting Is Not Only Important - It's Mandatory

Chambliss, Bahner & Stophel, P.C. on 8/11/2014

Imagine how you would feel if you walked into your bank, asked for a summary of your account activity and the bank told you that it had no idea how much money was in your account or how it had been spent. Of course, this...more

Fiduciary Duty › Accounting

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