A recent federal case started off with an intriguing headnote – “Lawyer does not breach of fiduciary duty or contracts by advising termination of co-counsel where advice was privileged and protected by agreements.” From the Ninth Circuit Court of Appeals, no less. In the end, the court tackled the issues on narrow grounds, giving rise …
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"Trial Skills: What to Say and How to Say It" by Robert J. Perry
Trial Skills: What to Say and How to Say It is a new book written by Los Angeles County Superior Court Judge Robert J. Perry. The book is 175 pages long, broken down into 28 easily-digested chapters. Explained Judge Perry, “this book is short; because most trial lawyers are too busy to read a lengthy …
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Fiduciary Personally Responsible for Tax Debt
A fiduciary’s liabilities can sometimes arise in unexpected contexts. A recent decision involving an estate tax liability held that a fiduciary was personally liable for unpaid estate taxes. In Carroll v. United States, 2009-2 USTC ¶ 60,577 (N.D. Ala. 2009), the taxpayer was denied a bankruptcy discharge for unpaid estate taxes arising from the estate …
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Contractual Basis for Fiduciary Duties
Some commentators view fiduciary duties through a contractual framework. Judge Frank Easterbrook and Professor Fischel state, “The fiduciary principle is fundamentally a standard term in the contract. Fiduciary duties are not special duties; they have no moral footing; they are the same sort of obligations, derived and enforced in the same way, as other contractual …
Mary Szto – Historical Review of Fiduciary Duties in an LLC – Part 3
This is the third part of a review of Mary Szto’s article, “Limited Liability Company Morality: Fiduciary Duties in Historical Context,” 23 Quinnipiac Law Review 61 (2004-2005). This week we get to the heart of the matter – the case law summary. The author starts by explaining that, “In the Anglo-American tradition, principals of a …
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What is the Status of the Estate Tax?
I attended the 2009 annual American Agricultural Law Association conference in Williamsburg, Virginia. The lunch speaker on September 25th was Tom Vilsack, the Secretary of Agriculture. He’s a good speaker: he measures his words carefully and is a smart guy. Mr. Vilsack spent a couple of hours with us and took questions at the end. …
Mary Szto – Limited Liability Company Morality
This is part two of a discussion of an intriguing law review article on fiduciary duties as applied in the context of limited liability companies. The prior blog considered the theological roots cited by Ms. Szto. This part examines other roots for fiduciary duties. Ms. Szto starts again with a religious analysis. Says she, “Canon …
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Religious Roots for Fiduciary Duties
Legal commentators have differing opinions regarding the origin and background of fiduciary duties. A recent article by Mary Szto would seem to focus on the business side of things, as her article is entitled “Limited Liability Company Morality: Fiduciary Duties in Historical Context,” 23 Quinnipiac Law Review 61 (2004-2005). However, the author strikes a deep …
Hedge Fund Investment Does Not Give Rise to Claim Against Attorneys
In a June 2009 decision from New York’s highest court, the Court of Appeals held that attorneys for a hedge fund did not owe fiduciary duties to the investors. The hedge fund in question was structured as a limited partnership, and the investors were limited partners. When the investment turned sour, the investors sued, claiming …
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