Trustees

News & Analysis as of

Contractual interpretation disputes from the Trustee's perspective: The saga continues

In the first four months of 2016 three more judgments relating to issues of contractual interpretation of provisions contained in documents of securitisation transactions (all three of them for legacy CMBS deals) and...more

Court Reverses Decision On The Fair Market Value Of A Residence Due To The Surviving Spouse’s Interest

In Estate of Sloan, a wife died leaving her home, and her husband was the executor of her estate. No. 02-15-00198-CV, 2016 Tex. App. LEXIS 6465 (Tex. App.—Fort Worth June 16, 2016, no pet. history). The wife’s will left all...more

Court Reverses New Trial Order After A Jury Verdict On A Trust Dispute

In In re Jones, there was a jury trial on the issue of whether a revocable trust was revoked such that the trustee, Jones, or the settlor’s executor, Coyle, had the right to the trust assets. No. 05-16-0081-CV, 2016 Tex. App....more

Governor Kasich Signs House Bill 229 to Create Ohio Family Trust Company Act

On June 14, 2016, Governor Kasich signed House Bill 229 into law. The bill, which was over two years in the making, allows an Ohio family to establish its own trust company to serve as trustee for its family trusts. The...more

Case law development in total and permanent disablement

The recent case of TAL Life Limited v Shuetrim (2016) NSWCA 68 (7 April 2016) raises a number of issues in relation to the assessment of a superannuation fund member's claim for insured total and permanent disablement...more

New York Court Orders BlackRock to Seek Discovery from Former Certificateholders and Produce That Information in Suit Against RMBS...

On June 3, 2016, Judge Sarah Netburn of the U.S. District Court for the Southern District of New York ordered BlackRock, an RMBS certificateholder that has sued the RMBS trustee, HSBC, to identify and serve document subpoenas...more

The Redwater Decision: The Alberta Energy Regulator - Trumped by Federal Bankruptcy Law

In Redwater Energy Corporation (Re, the Alberta Court of Queen’s Bench ruled against the AER, holding certain sections of the Oil and Gas Conservation Act (OGCA) and Pipeline Act inoperative to the extent that if applied...more

Texas Supreme Court Holds that Individual Beneficiary Had Standing to Bring a Legal Malpractice Claim Involving a Loan From an...

On May 27, 2016, the Texas Supreme Court held that an individual beneficiary of a self-directed retirement account managed by a corporate trustee had standing to bring legal malpractice claims against a law firm based on...more

T&E Litigation Newsletter- May 2016

In the past month, there were three decisions of note. First, in the case of Caffrey v. U.S. Trust, Case No. 15-P-920, 2016 Mass. App. Unpub. LEXIS 454 (Apr. 27, 2016), the Appeals Court was confronted with the question...more

Questions to Ask Before Hiring a Professional Trustee

Your client, as settlor, creates a special needs trust set up for a child or grandchild and needs a professional trustee to administer it. Before hiring a potential trustee, the client should determine whether he or she is...more

Choosing Wisely – Selecting a Trustee

Many people use a revocable trust as part of their estate plan because of its probate avoidance and privacy benefits after death. In addition, many people, whether using a will or a revocable trust, want their beneficiary to...more

Supreme Court Decision Establishes New Law Concerning The Rights Of Trustees In Rhode Island

In a case of first impression, the Rhode Island Supreme Court recognized a statutory right for trustees to recover their attorneys’ fees when a trust beneficiary refuses, without any basis, to release the trustee of his or...more

Discretionary Trust Interest Held Subject to Federal Tax Lien

Code Section 6321 imposes a federal tax lien for unpaid taxes upon “all property and rights to property, whether real or personal” that belong to the delinquent taxpayer. Is a beneficiary’s interest in a trust a property...more

Corporate Trustees and Cash Managers: can historic miscalculations and underpayments be an Event of Default? The English High...

We now have the English High Court’s first judgment concerning the position of Class X Notes in a CMBS structure. The rights of the Class X Notes in the Windermere VII CMBS were considered by the Court in Hayfin Opal Luxco 3...more

Court Affirms Holding That A Trust Owns Stock That Was Issued To The Trustee In His Individual Capacity

In Dutcher v. Dutcher-Phipps Crane & Rigging, Inc., a trust owned twenty percent of a family limited partnership that in turn owned a family business. No. 08-15-00202-CV, 2016 Tex. App. LEXIS 3809 (Tex. App.—El Paso 2016, no...more

Court Holds That Order Allowing A Successor Trustee And Reinstating A Prior Trustee Is Appealable

In In re Tipps, an elderly woman’s son became trustee of a trust due to her incompetency, and the son and his brother went to a mediation concerning a guardianship proceeding and other issues. No. 05-14-01495-CV, 2016 Tex....more

Is a Trustee Ever Just A Trustee?

Trusts are confusing. Fundamentally, a trust describes a relationship, not a person. Thus, the California Supreme Court has described a trust as “a fiduciary relationship with respect to property in which the person holding...more

Appellate Court Notes

Supreme Court Advance Release Opinions: SC19384 - State v. Carter - SC19282 - State v. Peeler - Appellate Court Advance Release Opinions: AC37262 - Dumbauld v. Dumbauld - AC37262 Concurrence -...more

New York Supreme Court Dismisses ACE Action Re-Asserting Repurchase Claims against DB Structured Products

On March 29, 2016, Justice Marcy Friedman of the New York Supreme Court rejected the trustee’s attempt to renew previously dismissed claims in ACE Securities v. DB Structured Products, Inc. As we previously reported, the...more

TN COA: Trustee Lacked Authority To Enter Pre-Dispute Arbitration Agreement

The Tennessee Court of Appeals recently held that a trustee’s signature of brokerage account agreement containing a pre-dispute arbitration clause did not bind the trust’s minor beneficiary. The Court held that an “all...more

Multiparticipant Trusts and Conflicting Duties

A recent article in the Real Property, Trust and Estate Law Journal [Volume 50, Number 2, Fall 2015] discussed the phenomena of grantors of trusts "increasingly naming trust protectors, particularly for a trust that may...more

Corporate Trustees: how gross must negligence be?

Surprisingly, the distinction between negligence and gross negligence in English contract and trust law is unclear. On one view, reflected in the older cases, there is little or no difference at all....more

Court Affirmed Holding That Trust Owned Real Estate And Was Entitled To Attorney’s Fees

In Courtade v. Estrada, Estrada created an inter vivos irrevocable trust and deeded real estate into the trust. No. 02-14-00295-CV, 2016 Tex. App. LEXIS 3105 (Tex. App.—Fort Worth March 24, 2016, no pet. history). Two days...more

Court Cannot Enter Default Against Trustee that Submits Unopposed Declaration of Non-Monetary Status

The California Court of Appeal recently held that a plaintiff cannot seek entry of default against a trustee that files a declaration of nonmonetary status pursuant to California Civil Code Section 2924l. Section 2924l...more

March 2016 Securities & Structured Finance Litigation Update

Quinn Emanuel Obtains Significant RMBS Sampling Ruling. Quinn Emanuel recently won a significant ruling permitting the use of statistical sampling to prove liability and damages on loan repurchase claims brought by the...more

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