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Full-Text Articles in Estates and Trusts
State Attorney General - Guardian Of Public Charities, Robert L. Gray
State Attorney General - Guardian Of Public Charities, Robert L. Gray
Cleveland State Law Review
In 1954, the National Conference of Commissioners of Uniform State Laws, having recognized the need for legislation in this area, published the Uniform Supervision of Trustees for Charitable Purposes Act, which was similar to the New Hampshire law. As has been stated, California soon passed the uniform act. Iowa (1959), Michigan (1961), Illinois (1961), and Oregon (1963) have since passed the uniform act. There are slight variations in the versions passed by the above states, but the general effect of their laws is the same. While the legislatures of these states have provided the law,they have not always provided the …
Basic Principles Underlying Duty Of Loyalty, Earl R. Hoover
Basic Principles Underlying Duty Of Loyalty, Earl R. Hoover
Cleveland State Law Review
When the nation's 25th and 47th largest banks, The Union Trust Co. and the Guardian Trust Co. of Cleveland, cracked up in 1933, Ohio's Supreme Court cracked down on the violation of an old but little known rule of fiduciary law: the duty of undivided loyalty. Airing of the principles underlying the rule seems warranted. The rule necessarily is harsh, almost iron-clad. Defenses are few. A defendant inevitably cries on the court's shoulder the same old discredited excuses. Unless the court understands the reasons for the rule, such tears may sway it. Because violation is so costly, a client needs …