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Full-Text Articles in Law
Art Deaccessions And The Limits Of Fiduciary Duty, Sue Chen
Art Deaccessions And The Limits Of Fiduciary Duty, Sue Chen
Duke Law Student Papers Series
Art deaccessions prompt lawsuits against museums, and some commentators advocate using the stricter trust standard of care, instead of the prevailing corporate standard (business judgment rule), to evaluate the conduct of non‑profit museum boards. This Article explores the consequences of adopting the trust standard by applying it to previously unavailable deaccession policies of prominent art museums. It finds that so long as museum boards adhere to these policies, their decisions would satisfy the trust standard. This outcome illustrates an important limitation of fiduciary law: the trust standard evaluates procedural care but cannot assess deaccessions on their merits. Yet this limitation, …
Corporations And Express Trusts As Business Organizations, Horace Lafayette Wilgus
Corporations And Express Trusts As Business Organizations, Horace Lafayette Wilgus
Articles
PRESIDENT BUTLER of Columbia University is reported to have said in an address before the New York Chamber of Commerce in 1911, that "the limited liability corporation is the greatest single discovery of modem times, whether you judge it by its social, by its ethical, by its industrial, or, in the long run--after we understand it and know how to use it,--by its political, effects." 1