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Who Are The Beneficiaries Of Fisk University's Stieglitz Collection?, Alan L. Feld
Who Are The Beneficiaries Of Fisk University's Stieglitz Collection?, Alan L. Feld
Faculty Scholarship
Most fiduciary relationships determine with specificity the beneficiaries of the fiduciary's activities. Not-for-profit entities, however, serve a class of unspecified beneficiaries and can exercise discretion in determining who to serve and how to serve them. This paper explores the limits of discretion that recent litigation established for Fisk University in balancing its educational mission and its administration of a valuable art collection donated decades earlier. The paper analyzes the case as it addresses respect for donor conditions, changes in circumstance, standing issues, the doctrine of cy pres and the designation of the appropriate class of public beneficiaries. Race and geography …
Trust And Fiduciary Duty In The Early Common Law, David J. Seipp
Trust And Fiduciary Duty In The Early Common Law, David J. Seipp
Faculty Scholarship
Trust is an expectation that others will act in one’s own interest. Trust also has a specialized meaning in Anglo-American law, denoting an arrangement by which land or other property is managed by one party, a trustee, on behalf of another party, a beneficiary.1 Fiduciary duties are duties enforced by law and imposed on persons in certain relationships requiring them to act entirely in the interest of another, a beneficiary, and not in their own interest.2 This Essay is about the role that trust and fiduciary duty played in our legal system five centuries ago and more.