Trustees

News & Analysis as of

Unpaid Employer Contributions as Plan Assets: Expansion Of Liability Under ERISA

The Employee Retirement Income Security Act of 1974, as amended (“ERISA”), requires trustees of multiemployer pension and benefit funds to collect contributions required to be made by contributing employers under their...more

Interaction fo Trustee Indemnities and Liability Insurance

When a trustee is sued for breach of trust and claims against his professional indemnity insurers, questions often arise as to the extent to which the trustee must first pursue any other rights of indemnity (for example...more

Round-up of Recent Decisions Relevant to Trustee and Protector Liability and Indemnities

There continue to be an increasing number of offshore Court judgments considering the nature and extent of an offshore trustee’s liability to third parties (including third parties in foreign jurisdictions), and the rights of...more

Which Courts Have Jurisdiction to Deal with Claims Against Offshore Trustees?

There have been a number of cases decided recently by offshore Courts (particularly in Jersey and Bermuda), in which the Courts have had to consider the scope of their jurisdiction to determine disputes relating to trusts...more

Lenders and Servicers: Be Aware of How Trustees Handle Excess Proceeds from HOA Foreclosure Sales in Nevada

Lenders and servicers have been addressing the issue of some Nevada courts ruling that a foreclosure sale by a homeowners association (HOA) "wipes out" a senior deed of trust. Since the date of our last legal alert on this...more

Say It Isn't So – Has Pennsylvania Adopted No Fault Trustee Removal?

Apparently, nothing is sacred. In yet another opinion that chips away at long standing fiduciary principles, the Pennsylvania Superior Court issued an opinion that seems to adopt no fault trustee removal in Pennsylvania....more

Why infect the law of trusts with good faith doctrine?

The law’s good faith principle has traditionally regulated legal relationships, such as the contractual relationship. Equity’s more intense fiduciary principle has generally regulated equitable relationships, such as the...more

Anti-Huber Planning

Asset protection trusts promise their settlors the best of many worlds. They allow a grantor to give away assets to a trust and remove them (and any future appreciation in the trust assets) from their taxable estate. However,...more

Anti-Deficiency Protection Held Not to Extend to Vacant, Unimproved Residential Lots

In a recent opinion, the Arizona Court of Appeals held that borrowers who obtained a loan secured by a vacant, unimproved residential lot are not protected from a deficiency judgment following a non-judicial trustee’s sale of...more

Orphans' Court Update - The Fiduciary Exception to the Attorney Client Privilege

The Attorney Client Privilege is sacrosanct. It is the one privilege that Courts consistently uphold. So, it may surprise you to learn that there is a long-standing fiduciary exception to the attorney client privilege....more

N.Y. Federal Court Allows RMBS Trustee Suit Against GE Mortgage to Proceed

On January 14, Judge Katherine B. Forrest of the United States District Court for the Southern District of New York denied a motion for judgment on the pleadings in an action brought by the Bank of New York Mellon as Trustee...more

Litigation Alert: Trust/Owner Not 'Trade or Business' for Withdrawal Liability Purposes

Pacific Coast Shipyards Pension Fund v. Nautical Engineering, Inc. - On January 13, 2014, the U.S. District Court for the Northern District of California (the "District Court") granted a motion to dismiss, holding that...more

Motion to Strike Under Anti-SLAPP Statute Erroneously Granted in Connection With Conversion, Unjust Enrichment and Breach of...

A motion to strike under California’s anti-SLAPP statute was filed in response to a lawsuit initiated by beneficiaries against a trustee and executor of an estate. The United States Court of Appeals for the Ninth Circuit...more

Plan sponsors can’t afford to pay more than they should

When I was 13 and I had my Bar Mitzvah, I plucked down about $2,000 in 1985 money for a state of the art Apple IIe with a monochrome monitor. One of the first pieces of software I bought was that top desktop publishing...more

Caveat Charities: Disgorging Donations as Fraudulent Transfers

The Bankruptcy Code permits a trustee to avoid transfers of property that a debtor has made within two years prior to its bankruptcy filing. In 1998, Congress added a safe-harbor provision for contributions to qualified...more

Creditors Beware! Give the Trustee Time To Breathe Or Risk Violating The Automatic Stay

The Bankruptcy Code’s (the “Code”) automatic stay applies to all companies and individuals; it protects the debtor’s property, and the bankruptcy court’s jurisdiction, by barring any act to gain possession of property in the...more

Status as a Debtor not Enough to Confer Appellate Standing

“Standing” is a legal term of art that refers to a party’s ability to bring a cause of action, to intercede in one or to appeal the court’s judgment. To prove appellate standing in a bankruptcy proceeding, a party must show...more

How the New Washington Trust Act and its 2013 Amendments Affect You and Your Clients - December 2013

In 2011, the legislature adopted a new Washington Trust Act (the “2011 Act”). The 2011 Act took effect on January 1, 2012, and codified many changes to the duties of trustees and the rights of trust beneficiaries. Within 18...more

Buying a house from a non-human entity or the dead

The tale behind a real estate transaction usually follows the same pattern: a potential buyer approaches a seller after viewing the advertised property, negotiations commence and the parties arrive at a meeting of the minds...more

Wealth Management Update - December 2013

The December § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2.0%, which is unchanged from last month. The December applicable federal rate ("AFR") for use with a sale to a defective...more

Massachusetts Securities Division Issues Policy Statement on Custody Requirements for Massachusetts-Registered Advisers in...

In conjunction with the release of a preliminary report describing an initiative by the Registration, Inspections, Compliance and Examinations Section of the Massachusetts Securities Division of the Office of the Secretary of...more

The constructive general inter vivos power of appointment: A trap for the unwary trustee and his counsel

The constructive general inter vivos power of appointment is the product of the marriage of power of appointment doctrine and creditors’ rights doctrine. It is a topic that is taken up in §4.1.3 of Loring and Rounds: A...more

Now, How Do I Decant a Trust?

Decanting has been Texas law for almost three months and several articles have discussed what can be accomplished by decanting (e.g., Bill Pargaman’s 2013 Legislative Update). This article will discuss the documents needed...more

Second Circuit Rules for Mutual Fund Trustees in Suit Alleging Breach of Fiduciary Duty in Approving Successor Advisory Contracts...

The U.S. Court of Appeals for the Second Circuit affirmed the dismissal on a motion for summary judgment of a derivative suit against the independent trustees of a mutual fund group in which the plaintiff shareholder alleged...more

N.Y. Pension Fund Trustees and Consultants under Increased Scrutiny

In a new approach to pension fund regulatory oversight in New York, which has already resulted in subpoenas to pension fund trustees at the top state and city public plans, state Superintendent of Financial Services Benjamin...more

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