Trust BCLP

Trust BCLP

duty to diversify

Main Content

What Does It Take To Trigger The Shortened Statute Of Limitations For Breach Of Fiduciary Duty?

October 22, 2013

Authors

Luke Lantta

What Does It Take To Trigger The Shortened Statute Of Limitations For Breach Of Fiduciary Duty?

October 22, 2013

by: Luke Lantta

In many ways, Georgia’s 2010 Trust Code is like no other.   The drafters of the Trust Code looked at the 1991 Georgia Trust Act, Uniform Trust Code, and trust laws in other jurisdictions to arrive at a code that is in some ways similar to that of other states but in other ways uniquely Georgia.  Within the last year or two, questions arising under the 2010 Trust Code have started to make their way into decisions of the Georgia Court of Appeals and, more recently, into the decisions of the Georgia Supreme Court.

In the most recent of these decisions, Hasty v. Castleberry (a counterpart of which we looked at here), the Georgia Supreme Court looked at one of the concepts Georgia borrowed from the UTC (shortened statute of limitations after a “report”) and one of the uniquely Georgia concepts (diversification).

Read More

Trustee That Reinvested Trust Assets Through Its Insurance Affiliate Did Not Impermissibly Self Deal

August 2, 2013

Authors

Luke Lantta

Trustee That Reinvested Trust Assets Through Its Insurance Affiliate Did Not Impermissibly Self Deal

August 2, 2013

by: Luke Lantta

Corporate trustees have wrestled with investing trust assets in their own stock, their own proprietary mutual funds, or through their affiliates.  State trust laws take varied approaches to these practices as have the corporate trustees themselves.  Some options – where permitted by law – include refunding the entire commissions, reducing the commissions, offsetting the commissions by reducing the trustee fees, or taking the full commissions.  Needless to say, any approach may be met with hostility from the beneficiaries and claims of improper self-dealing.  In French v. Wachovia Bank, N.A., a federal appellate court has given us a watershed opinion on one of these approaches taken by a corporate trustee.

Read More
The attorneys of Bryan Cave Leighton Paisner make this site available to you only for the educational purposes of imparting general information and a general understanding of the law. This site does not offer specific legal advice. Your use of this site does not create an attorney-client relationship between you and Bryan Cave LLP or any of its attorneys. Do not use this site as a substitute for specific legal advice from a licensed attorney. Much of the information on this site is based upon preliminary discussions in the absence of definitive advice or policy statements and therefore may change as soon as more definitive advice is available. Please review our full disclaimer.