Trustees

News & Analysis as of

Supreme Court of Nevada Holds That Legal Malpractice Claim Was Impermissibly Assigned

Tower Homes, LLC v. Heaton, ___ P.3d ___, 2016 WL 4273578 (Nev. 2016) - Brief Summary - The Supreme Court of Nevada held that a bankruptcy trustee's stipulation and court's order permitting creditors to pursue the...more

Non-Dom Reforms Update – United Kingdom

Summary - Following the United Kingdom’s vote to leave the European Union on 23 June, and the change of Prime Minister and to the UK Government, there was significant uncertainty regarding what would happen to the...more

Presence of Trustee at Foreclosure Sale

The Maryland Court of Special Appeals in Fisher v. Ward affirmed a Circuit Court’s dismissal of a foreclosure proceeding exception in which the Trustee under the subject Deed of Trust was not physically present at the sale....more

August 2016: Securities & Structured Finance Litigation Update: Relation Back in RMBS Putback Cases.

Relation Back in RMBS Putback Cases. In a recent RMBS putback case in the Southern District of New York, Quinn Emanuel won a ruling that the plaintiff trustee’s expert reports, served nearly three years after the litigation...more

North Carolina Court of Appeals Affirms Right of Former Trustee to Represent Lender in Foreclosure Under Deed of Trust

Recently, the North Carolina Court of Appeals issued an opinion addressing whether a conflict of interest exists when a trustee under a deed of trust initiates a foreclosure proceeding and later represents the lender in that...more

T&E Litigation Newsletter- August 2016

On August 4, 2016, the Supreme Judicial Court issued its highly anticipated decision in Pfannenstiehl v. Pfannenstiehl, 2016 Mass. LEXIS 591, reversing an Appeals Court decision that had been a hot topic of discussion among...more

Challenge to Pension Fund Investment Decision Time Barred

A federal district court in California held that a complaint filed by members of the International Union of Operating Engineers that challenged pension plan trustees’ decision to make certain investments was filed five days...more

The Top Five Responsibilities of a Trustee of a Special Needs Trust

If you are considering taking on the responsibility of serving as the trustee of a special needs trust, you will probably have questions about the trustee's role. Trustees of special needs trusts have many important...more

New York Court Dismisses Repurchase Claims Against UBS as Untimely

On July 27, 2016, Justice Marcy Friedman of the New York Supreme Court for New York County, in accordance with other recent decisions dismissed an action against UBS Real Estate Securities, Inc. The case was initially...more

New North Carolina Law Allows Fiduciaries Access to Digital Assets, but Only If ...

When people die or become incompetent, what happens to their digital assets? Who can legally access their email and handle it properly? Do their social media accounts remain forever open, accepting content and sending...more

Delaware Chancery Court Finds That Anti-Suit Injunction Bars Trustee Under Reinsurance Trust Agreement From Pursuing Third-Party...

Freestone Insurance Company is a Delaware-domiciled insurer that has been placed in liquidation. U.S. Bank National Association served as the trustee under a reinsurance trust agreement (the “Trust Agreement”) between...more

Lowndes Attorneys Obtain Favorable Rulings for Court-Appointed Receiver

Orlando, FL–Lowndes, Drosdick, Doster, Kantor & Reed, P.A. is pleased to announce that shareholder, Richard Dellinger, and appellate attorney, Jennifer R. Dixon, prevailed in defending a client appointed to serve as a...more

Caught in the Cross-Fire: Student Loan Lenders and Servicers’ Risks in the Bankruptcy Fight over College Tuition Clawbacks

Many parents hope to fund, in some part, their children’s college educations, and the federal government has created a system of incentives, including tax advantaged 529 plans, to support that expectation. Recent research...more

Preparing Yourself and Your Client for Chapter 11: Part I of II – The Petition Package, Filing the Case, Filing Fees, and First...

As a Chapter 11 debtor’s attorney, the prospect of serving as debtor’s counsel is an exciting – and increasingly rare – opportunity. The preparation for filing a Chapter 11 case involves negotiating complex cash collateral...more

Orrick's Financial Industry Week in Review

Federal Reserve Announces Extension of Conformance Period under Section 13 of the Bank Holding Company Act - On July 7, 2016, the Federal Reserve announced that it will extend until July 21, 2017 the conformance period...more

Life and Annuity Series: Class Certified in an ERISA “Unreasonable Compensation” Case

The Colorado federal court concluded last summer, in Teets v. Great-West Life & Ann. Ins. Co., that an insurer could be subject to ERISA liability for receiving unreasonable compensation in connection with a stable value...more

T&E Litigation Newsletter- July 2016 #2

The first two weeks of July have brought us some warm weather and three new decisions worth noting: First, in Bank of America, N.A. v. Commissioner of Revenue, Docket No. SJC-11995 (July 11, 2016), the Supreme Judicial...more

Ex Parte Attachment, and Priority, Reinstated to First in Time Creditor

In Estate of Summers v. Nisbet, the Maine Supreme Judicial Court reinforced the first in time, first in right nature of attachment and trustee process under Maine law. Attachment and trustee process are powerful enforcement...more

Judgments

CoCos – Supreme Court decision in litigation between Lloyds and its noteholders - BNY Mellon Corporate Trustee Services Limited v. LBG Capital No 1 Plc and another [2016] UKSC 29 - June 2016 saw the publication...more

New York Appellate Court Holds Repurchase Demand Analysis Is Not Protected Work Product

On June 23, 2016, the First Department of the Appellate Division of the Supreme Court of the State of New York decided an appeal in an action brought by Bank of New York Mellon, as RMBS Trustee, against WMC Mortgage and JP...more

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

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