News & Analysis as of

Trustees

2017 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

The fourth quarter of 2017 concludes a unique year in the planning arena. With the new administration and a Republican-led Congress in power, both taxpayers and tax professionals have kept a close eye on the potential for tax...more

Brazilian Appeals Court Approves Nordic Trustee's Liberian Ship Mortgage

by Holland & Knight LLP on

The Brazilian Superior Court of Justice granted Nordic Trustee's appeal on Nov. 16, 2017, and recognized the validity of a $530 million First Preferred Liberian Ship Mortgage over the OSX 3 in favor of Nordic Trustee. The OSX...more

5 Considerations in Choosing a Special Needs Trustee

Choosing the right person to serve as trustee of a special needs trust is one of the most important and difficult issues in creating the trust. A trustee typically manages the day-to-day operations of the trust, often making...more

Serving as a trustee: What is the job description?

by Thompson Coburn LLP on

You may have had conversations with family members about whether you would be willing to serve as a trustee of a trust for the children of a family member, particularly in the event that both parents should die while the...more

Trustees of Cambridge Point Condominium Trust v. Cambridge Point, LLC

by Goulston & Storrs PC on

In Trustees of Cambridge Point Condominium Trust v. Cambridge Point, LLC, No. MICV-2014-03136, 2016 WL 9753783 (Mass. Super. Nov. 18, 2016), appeal argued, SJC No. 2017-P-0113 (Mass. 2017), the trustees (“Trustees”) of the...more

Pennsylvania Supreme Court Rules Trust Beneficiaries Must Get Court Approval to Remove Trustee

Beneficiaries who want to change a trust’s corporate trustee may have a much harder time under a recent Pennsylvania Supreme Court decision. The state high court held in July that the beneficiaries of a trust need court...more

So You've Been Named as Trustee…Now What?

by Faegre Baker Daniels on

You’ve just discovered that you’ve been named trustee of a trust. Not only are you unsure of whether you should accept, you’re also wondering what exactly the role entails, the types of problems you might face, and whether...more

Liquidation Trustee’s Suit Against D&Os Falls Within Insured vs. Insured Exclusion

by Fox Rothschild LLP on

In the recent decision of Indian Harbor Ins. Co. v. Zucker, 860 F.3d 373 (6th Cir. 2017), the Sixth Circuit Court of Appeals held that a liquidation trustee’s suit against the debtor’s former directors and officers (D&Os)...more

Australian Government Releases Draft of Private Sector Whistleblower Protection Law

by Jones Day on

The Situation: Currently, limited protections exist in Australia for private sector whistleblowers against victimization and detrimental treatment. The Development: The Australian government has released draft law that...more

ERISA’s Six-Year Statute of Repose for Fiduciary-Breach Claims Can Be Tolled

The Eleventh Circuit ruled that ERISA’s six-year statute of repose can be tolled by the parties even though it is a statute of repose. During pre-litigation negotiations between the U.S. Department of Labor and a trustee of...more

Anti-money Laundering Regulations: New HMRC Reporting Duty for Pension Scheme Trustees

by Reed Smith on

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) came into force on 26 June 2017 and impose new registration and reporting duties on trustees,...more

Bankruptcy Trustees Are Entitled To Jury Trials Too?!

by Fox Rothschild LLP on

Americans generally cherish their right to a jury trial under the Sixth and Seventh Amendments to the United States Constitution and the media certainly perpetuate the idea that jury trials are the norm. However, there are...more

Waivers of Jury Trials and Lawsuits in Bankruptcy Cases

Figuring out when a pre-petition waiver of a jury trial will be respected in lawsuits brought in bankruptcy cases can be tricky. In a recent case, In re D.I.T., Inc., 2017 Bankr. LEXIS 3386 (Bankr. S.D. Fla. Oct. 2, 2017), a...more

In Preference Suit, Seventh Circuit Holds That Debtor’s Assignment of Contractual Rights Does Not Negate Creditor’s New Value...

In Levin v. Verizon Bus. Global, LLC (In re OneStar Long Distance, Inc.), 2017 U.S. App. LEXIS 18374 (7th Cir. Sept. 22, 2017), the Seventh Circuit recently addressed a situation where a debtor sought to reduce a creditor’s...more

Petition Denied to Remove Wilmington Trust as the Trustee of du Pont Family Trusts

by Morris James LLP on

Wilmington Trust serves as the sole trustee for certain du Pont Family Trusts established in the 1940s and 1950s. For many years, Wilmington Trust was closely associated with the du Pont family, and was managed in part by...more

TN Trust Code Authorizes Pre-Dispute Arbitration Agreement: Not Per Se Breach of Duty, but May Not Bind Non-Signatory Beneficiary

by Burr & Forman on

The Tennessee Supreme Court recently held that Tennessee’s Trust Code and broad trust-instruments authorize a Trustee’s execution of a pre-dispute arbitration clause. That isn’t a per se breach of fiduciary duty, but the...more

The Limits Of Exclusive Use Rights In Condominium Common Areas

by Pierce Atwood LLP on

It’s not unusual for condominium documents to set aside parts of the development’s common area for the exclusive use of particular units.  This device allows the developer to offer a degree of privacy in decks,...more

Do You Have a Foreign Trust?

The answer in the litigation context may not be black and white because it requires a careful, analytical walk through the applicable sections of the Internal Revenue Code, the appropriate regulations and the nonexclusive...more

Pensions Hazard for PE Buyers on Carve-Out Deals

by Latham & Watkins LLP on

Corporate carve-outs have become increasingly popular in recent years, as buyout firms scour the market for primary deals. In an environment in which the UK Pensions Regulator (the Regulator) is becoming more active, in our...more

The UK Trust Register

by McDermott Will & Emery on

On 26 June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) came into force, introducing new requirements for trustees. The Regulations...more

Court Addresses Breach Of Fiduciary Duty and Partition Issues In Trust Dispute

by Winstead PC on

In Koda v. Rossi, a mother created a trust that provided that her son was to serve as trustee and that she, he, and a daughter were the beneficiaries. No. 11-15-0150-CV, 2017 Tex. App. LEXIS 8194 (Tex. App.—Eastland August...more

Further ESOP Transaction Guidance Set Forth in Latest DOL Settlement Agreement

by Holland & Knight LLP on

On the heels of a recent settlement agreement with an institutional employee stock ownership plan (ESOP) trustee, the U.S. Department of Labor (DOL) and individual trustee James F. Joyner III (Joyner) entered into a...more

Your Foreclosure Hearing Just Got More Crowded

by Ward and Smith, P.A. on

On August 30, 2017, an amendment to North Carolina’s foreclosure statutes took immediate effect. The amended statute, Section 45-10, concerns substitute trustees under a deed of trust. As amended, Section 45-10 now prohibits...more

Anti-SLAPP Case Features Arm Wrestling Siblings and a Prep School

by Downey Brand LLP on

California’s anti-SLAPP statute has generated another published case for trust and estate lawyers to ponder. Last week, in Urick v. Urick (2017) ___ Cal.App.5th ___, the California Court of Appeal confirmed that anti-SLAPP...more

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

by Farrell Fritz, P.C. on

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

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