News & Analysis as of

Trustees

Indemnities – Beware the Consequences of “Reasonableness”

by Reed Smith on

The provision of indemnities, particularly those provided to corporate trustees and agents, is an important feature of an effectively functioning structured finance market. It enables the parties involved to allocate the...more

Estate Planning for Families with Children Who Have Special Needs

by Farrell Fritz, P.C. on

Estate planning for families who have children with special needs is similar to estate planning for families who do not have special needs children. From an estate tax perspective, the considerations do not differ. The key,...more

Court Enforces Release Agreement Between Trustees/Executors and A Beneficiary

by Winstead PC on

In Harrison v. Harrison Interests, a beneficiary of an estate and multiple trusts had a dispute with the executors and trustees. No. 14-15-00348-CV, 2017 Tex. App. LEXIS 1677 (Tex. App.—Houston [14th Dist.] February 28, 2017,...more

What is the Effect of an Untimely Challenge to the Timeliness of a Trustee’s Sale?

by Snell & Wilmer on

Ever wonder what happens if a person challenges the timeliness of a trustee’s sale after the sale already occurred? Waiver of the argument of course! And, in the case of Wells Fargo Bank, N.A. v. Waltner, the affirmance of...more

DE Bankruptcy Court Dismisses Preference Complaint Against Former Insider in Part with Prejudice

by Fox Rothschild LLP on

Not uncommonly, a preference complaint fails to adequately allege that the transfers sought to be recovered by the trustee were made “for or on account of an antecedent debt owed by the debtor before such transfer was made”,...more

Charges and governance requirements for Defined Contribution pensions

by Hogan Lovells on

This note sets out the areas in which restrictions on charges and governance requirements apply to trustees or managers of occupational money purchase schemes. These requirements have been introduced over the last two years...more

Protect multiple generations with a dynasty trust

Dynasty trusts have nothing to do with the popular soap opera from the 1980s, but everything to do with leaving a lasting legacy. Although this type of trust is often created to reduce estate taxes, it can also provide other...more

Recent Cases of Interest to Fiduciaries

by McGuireWoods LLP on

In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following: -...more

RMBS Trustee Defeats Motion to Certify Class

On March 21, 2017, Judge Alison Nathan of the United States District Court for the Southern District of New York denied plaintiff’s Motion to Certify Class without prejudice in Royal Park Investments SA/NV v. Deutsche Bank...more

SDNY Grants Trustees’ Motion to Dismiss Triaxx CDOs’ RMBS Claims for Lack of Standing

On March 21, 2017, Judge Naomi Reice Buchwald of the United States District Court for the Southern District of New York issued a Memorandum and Order granting defendants’ motion to dismiss plaintiffs’ First Amended Complaint...more

Duty to Diversify – Texas Bankers Association’s Real Estate, Oil and Gas Conference

by Winstead PC on

David F. Johnson, lead writer for the Texas Fiduciary Litigator blog, presented “Asset Concentrations and the Duty to Diversify” to the Texas Bankers Association’s Real Estate, Oil and Gas Conference, in San Antonio on March...more

Asset Concentrations And The Duty To Diversify

by Winstead PC on

David F. Johnson, lead writer for the Texas Fiduciary Litigator blog, presented “Asset Concentrations and the Duty to Diversify” to the Texas Bankers Association’s Real Estate, Oil and Gas Conference, in San Antonio on March...more

Compensation in Question? Remember that Guidelines are Tools not Rules

by Bennett Jones LLP on

As anyone working in the estate area knows, the task of the personal representative is often onerous. But how much is it worth? The Court discussed how to set compensation for personal representatives in Berry (Re), 2017 ABQB...more

HMRC publishes responses to the consultation on Partnership taxation

by Goodwin on

The result of the HM Revenue & Custom's consultation on UK partnership taxation was released on 20 March, this is important for both fund partnerships and fund managers structured as LLPs which file UK tax returns. Although...more

Maryland Allows Use of Nonjudicial Settlement Agreements in Trust Administration

by McGuireWoods LLP on

Maryland previously enacted a version of the Uniform Trust Code (UTC), which contains various provisions focused on permitting more efficient administration of trusts. However, Maryland’s version of the UTC initially omitted...more

Courts Continue Trend of Recognizing Tribal Immunity in Bankruptcy Proceedings

by Holland & Knight LLP on

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware (Court) issued a decision on Feb. 28, 2017, that has important – and positive – significance for Native American tribal governments, their...more

The Statute “Says What it Means and Means What it Says"

by Bryan Cave on

Trusts and Estates practitioners often focus solely on the Tax Code found in Title 26 of the United States Code and ignore other parts of the United States Code (U.S.C.). However, it is a mistake to do so as Marci McNicol...more

Court Finds That There Is A Fact Issue On Whether Corporate Shareholder And Officer Breached Fiduciary Duties To Creditors

by Winstead PC on

In Tow v. Wellington Yu, a bankruptcy trustee sued a corporation’s shareholder and officer for breaching fiduciary duties by entering into a settlement agreement that required the sale of real estate where the defendant would...more

Copying is Best in the ING World

by Bryan Cave on

Not only is strict adherence to the structure set out in prior favorable rulings best, it is essential when it comes to obtaining a favorable ING ruling. The provisions in the trust document need to carve a very fine line...more

Nutter Bank Report, February 2017

CFPB Fines Mortgage Lender for Violating the RESPA Anti-Kickback Rule The Consumer Financial Protection Bureau (“CFPB”) has taken enforcement action in the form of a consent order against a mortgage lender, including...more

Paid Rejection: Bankruptcy Court Allows Professional Fees Despite Trustee’s Flawed Strategy

by Robins Kaplan LLP on

Can a bankruptcy court deny fees requested by a professional simply because her client chose a poor strategy? The Bankruptcy Court for the District of Idaho recently rejected such a notion, holding that an accounting...more

Client Alert: Florida Passes the Florida Fiduciary Access to Digital Assets Act

The Florida Fiduciary Access to Digital Assets Act (the “Act”) took effect as of July 1, 2016. The digital world is growing at an exponential rate. The Act provides much needed guidance for digital asset owners of how they...more

Effectively Defending Adversarial Actions Brought Against Former D&Os in Bankruptcy Court

When private equity investors, hedge funds, distressed asset funds, major shareholders or founders step up and take board positions to help guide or turnaround a troubled company, they often do so for all the right reasons....more

Chris Lazarini Comments on Scope of Bankruptcy Rule 2004 Examination

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which objectors (a law firm, banks and accountants) opposed a bankruptcy trustee's Rule 2004 Motion requesting information related to his investigation of...more

A Guide To: How to Challenge a Trust in Michigan

by Clark Hill PLC on

The death of a loved one is a difficult and emotional event. In addition to dealing with the loss, family members, friends and/or trusted advisors are tasked with settling the decedent's final affairs, which, in many...more

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