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Full-Text Articles in Law

The Morality Of Fiduciary Law, Paul B. Miller Mar 2021

The Morality Of Fiduciary Law, Paul B. Miller

William & Mary Law Review

Recent work of fiduciary theory has provided conceptual synthesis requisite to understanding core fiduciary principles and the structure of fiduciary liability. However, normative questions have received only sporadic attention. What values animate fiduciary law? How does, or should, fiduciary law prove responsive to them?

While in other areas of private law theory—notably, tort theory— pioneering scholars went directly at normative questions like these, fiduciary theory has been exceptional in the reticence shown toward them. The reticence is sensible. Fiduciary principles are the product of equity’s most extended and convoluted program of supplementing surrounding law. They span several distinct ...


Fiduciary Judgment Rules, Julian Velasco Mar 2021

Fiduciary Judgment Rules, Julian Velasco

William & Mary Law Review

Because of the strong moral rhetoric and robust equitable remedies available in fiduciary law, it is not surprising to find lawyers and legal scholars seeking to expand the reach of fiduciary law principles into new relationships and new areas of law. However, expansion often does not work very well because of the demanding and pervasive nature of fiduciary duties. Thus, jurists often turn to the business judgment rule and its policy of underenforcement of fiduciary duties as a way to fit fiduciary law principles into other areas of law. The problem with this approach is that it is based on ...


Discretionary Trusts: An Update, Richard C. Ausness Jan 2018

Discretionary Trusts: An Update, Richard C. Ausness

Law Faculty Scholarly Articles

In the past, settlors tended to limit a trustee’s discretion by setting forth a specific formula for the distribution of trust assets. Nowadays, however, settlors often prefer to vest more discretion in their trustees. This is partly due to the fact that beneficiaries tend to live longer and, therefore, trusts inevitably last longer, thereby requiring trustees to respond to changing conditions. In addition, settlors often believe that vesting increased discretion on the part of trustees will discourage beneficiaries from bringing expensive and disruptive challenges to their decisions.

Nevertheless, the trend toward increased discretion is not without its problems. First ...


Slides: Dam Operations: Does A Changing World Call For Changing Plans?, Reed D. Benson Jun 2016

Slides: Dam Operations: Does A Changing World Call For Changing Plans?, Reed D. Benson

Coping with Water Scarcity in River Basins Worldwide: Lessons Learned from Shared Experiences (Martz Summer Conference, June 9-10)

Presenter: Reed D. Benson, University of New Mexico School of Law

13 slides


Forfeiting Trust, Deborah S. Gordon Nov 2015

Forfeiting Trust, Deborah S. Gordon

William & Mary Law Review

Over the past two years, a significant number of appellate courts in jurisdictions throughout the country have faced trust provisions that purport to disinherit any beneficiaries who challenge a trustee’s decision making. Such provisions to “secure compliance ... with dispositions of property”—known as “forfeiture,” “no-contest,” “anticontest,” or “penalty” clauses—have appeared in wills for well more than a century. But the trust clauses differ from their testamentary counterparts and thus deserve serious scrutiny in their own right, especially because the abundance of recent cases has led to increasingly inconsistent and haphazard approaches. This Article exposes the problems that trust ...


Correcting The Record Regarding Therestatement Of Property’S Slayer Rulein The Brooklyn Law Review’Ssymposium Issue On Restatements, Lawrence W. Waggoner, John H. Langbein Jan 2015

Correcting The Record Regarding Therestatement Of Property’S Slayer Rulein The Brooklyn Law Review’Ssymposium Issue On Restatements, Lawrence W. Waggoner, John H. Langbein

Articles

In 2014, the Brooklyn Law Review published a symposium issue on Restatements of the Law. The organizer of the symposium, Professor Anita Bernstein, did not afford an opportunity for Restatement reporters to comment on the articles. The organizer did invite the Director of the American Law Institute, Lance Liebman, to contribute an essay commenting on the symposium as a whole. Liebman’s essay—unintentionally no doubt—misstated the position that we took in formulating the slayer rule for the Restatement (Third) of Property: Wills and Other Donative Transfers. Liebman’s misstatement—that we recommended that the Institute adopt a rule ...


The Creeping Federalization Of Wealth-Transfer Law, Lawrence W. Waggoner Jul 2014

The Creeping Federalization Of Wealth-Transfer Law, Lawrence W. Waggoner

Articles

This article appears in a symposium issue published by the Vanderbilt Law Review on The Role of Federal Law in Private Wealth Transfer. Federal authorities have little experience in making law that governs wealth transfers, because that function is traditionally within the province of state law. Although state wealth-transfer law has undergone significant modernization over the last few decades, all three branches of the federal government—legislative, judicial, and executive—have increasingly gone their own way. Lack of experience and, in many cases, lack of knowledge on the part of federal authorities have not dissuaded them from undermining well-considered state ...


Care Coordination For Dually Eligible Beneficiaries, Katie M. Dean, David C. Grabowski Jan 2014

Care Coordination For Dually Eligible Beneficiaries, Katie M. Dean, David C. Grabowski

Saint Louis University Journal of Health Law & Policy

No abstract provided.


Who Is Afraid Of Perpetual Trusts?, Bridget J. Crawford Jul 2012

Who Is Afraid Of Perpetual Trusts?, Bridget J. Crawford

Michigan Law Review First Impressions

Throw a stone into a room full of law professors, and it is virtually impossible to hit someone who will defend perpetual trusts. Yet since 1995, eighteen states have repealed their rules against perpetuities, and there are now twenty-one states that permit trusts to last forever. Many academics have responded with a virtual pile-on, calling the repeals a "race to the bottom" at best and "loony" at worst. Lawrence Waggoner, Professor Emeritus at the University of Michigan School of Law and Reporter for the Restatement (Third) of Property: Wills and Other Donative Transfers, has made another contribution to the scrum ...


Children Of Assisted Reproduction, Kristine S. Knaplund Jun 2012

Children Of Assisted Reproduction, Kristine S. Knaplund

University of Michigan Journal of Law Reform

More than three decades after the birth of the first child conceived through in vitro fertilization, few states have comprehensive statutes to establish the parentage of children born using assisted reproduction techniques (ART). While thousands of such children are born each year courts struggle to apply outdated laws. For example, does a statute terminating paternity for a man who donates sperm to a married woman apply if the woman is unmarried? In 2008, the Uniform Probate Code (UPC) added two much-needed sections on the complicated parentage and inheritance issues that arise in the field of assisted reproduction. Yet it is ...


Non-Judicial Estate Settlement, John H. Martin Jun 2012

Non-Judicial Estate Settlement, John H. Martin

University of Michigan Journal of Law Reform

Estate settlement through probate procedures satisfies no one. The public is hostile to the delay, expense, and lack of privacy that accompanies probate. Attorneys respond to public dissatisfaction by counseling probate avoidance. Legislatures facilitate some settlements by enacting simplified procedures for low-value estates. In large measure, the Uniform Probate Code (UPC) was a response to criticisms leveled at probate. Alternative settlement procedures are offered by the UPC, including informal testacy determinations and informal appointment procedures. These alternatives, however, remain imbedded in a judicial system, with it procedural rigidities. The UPC informal settlement alternatives did not silence the criticism. The continued ...


Disclose - Disclose - Disclose - Longmeyer Distorts The Trustee's Duty To Inform Trust Beneficiaries, David M. English, Berry T. Turney, Dana G. Fitzsimons Jr. Jul 2010

Disclose - Disclose - Disclose - Longmeyer Distorts The Trustee's Duty To Inform Trust Beneficiaries, David M. English, Berry T. Turney, Dana G. Fitzsimons Jr.

Faculty Publications

The evolution of the law concerning the trustee's duty to disclose information to the trust beneficiaries, through cases like Longmeyer, creates new risks for trustees who are unaware of their obligations. Trustees will also face an increasing number of difficult situations as in Longmeyer as a result of an aging and increasingly infirm population. Although it can be a difficult decision to make under pressure, a trustee should give strong consideration to policies that favor prompt and complete disclosure even in difficult circumstances. Also, trustees should remember that the courts are available for their protection when confronted with genuine ...


Slides: Why Public Lands? A Question Not Addressed 40 Years Ago, Thomas Michael Power Jun 2010

Slides: Why Public Lands? A Question Not Addressed 40 Years Ago, Thomas Michael Power

The Past, Present, and Future of Our Public Lands: Celebrating the 40th Anniversary of the Public Land Law Review Commission’s Report, One Third of the Nation’s Land (Martz Summer Conference, June 2-4)

Presenter: Thomas Michael Power, Consulting Economist, Power Consulting; Research Professor and Professor Emeritus, Economics Department, University of Montana (Missoula, MT)

17 slides


Message To Congress: Halt The Tax Exemption For Perpetual Trusts, Lawrence W. Waggoner Jan 2010

Message To Congress: Halt The Tax Exemption For Perpetual Trusts, Lawrence W. Waggoner

Articles

The federal estate tax is in abeyance this year. The popular press has picked up on the possibility that the estates of billionaires such as the late George Steinbrenner, who owned the New York Yankees, will escape the tax. The House Ways and Means Committee, chaired by Representative Sander Levin of Michigan, and the Senate Finance Committee, chaired by Senator Max Baucus of Montana, are now considering two questions: what the maximum rate and exemption will be when the estate tax returns and whether the tax will be reinstated for this year. Lurking behind the headlines but equally important is ...


How Important Are Perpetual Tax Savings?, James R. Hines Jr. Jan 2010

How Important Are Perpetual Tax Savings?, James R. Hines Jr.

Articles

State and local expenditure and tax revenue respond less to the business cycle than do federal spending and revenue, thereby reducing the countercyclicality of total government expenditure and revenue. This paper considers forces responsible for the cyclical pattern of state expenditure and revenue. Annual fluctuations in state personal income are associated with small changes in state spending and significant changes in tax receipts; receipt of federal grants is associated with greater state spending. Tax collections, and to a lesser degree expenditure, of larger states are more closely associated with annual income fluctuations than are the tax collections and expenditure of ...


Longmeyer Exposes Or Creates Uncertainty About The Duty To Inform Remainder Beneficiaries Of A Revocable Trust, David M. English, Turney P. Berry, Dana G. Fitzsimons Jr. Oct 2009

Longmeyer Exposes Or Creates Uncertainty About The Duty To Inform Remainder Beneficiaries Of A Revocable Trust, David M. English, Turney P. Berry, Dana G. Fitzsimons Jr.

Faculty Publications

This article discusses the surprising Longmeyer decision, handed down by the Supreme Court of Kentucky earlier this year in which a predecessor trustee was held to have a duty to give certain notifications to former remainder beneficiaries of a revocable trust. The authors then examine how Longmeyer might have been decided in other states and under other statutory schemes. The article concludes with observations concerning when certain notices to trust beneficiaries may be conducive to effective trust administration and suggestions to those who administer trusts on how best to comply with beneficiary notice requirements.


Bizarre Love Triangle: The Spending Clause, Section 1983, And Medicaid Entitlements, Nicole Huberfeld Dec 2008

Bizarre Love Triangle: The Spending Clause, Section 1983, And Medicaid Entitlements, Nicole Huberfeld

Law Faculty Scholarly Articles

The first two terms of the Roberts Court signal a willingness to revisit precedent, even decisions that have been considered long-settled, and the United States Supreme Court may be ready to reinterpret another area of jurisprudence: the private enforcement of conditions on federal spending against states through actions under 42 U.S.C. § 1983. The most recent pre-Roberts Court precedent is Gonzaga University v. Doe, a 2002 decision that made it more difficult for individuals harmed by violations of federal laws to enforce rights through § 1983 actions. Federal courts have inconsistently and confusingly applied the Gonzaga framework, but the Rehnquist ...


Class Gifts Under The Restatement (Third) Of Property, Lawrence W. Waggoner Jan 2007

Class Gifts Under The Restatement (Third) Of Property, Lawrence W. Waggoner

Articles

The new Restatement (Third) of Property (officially the Restatement (Third) of Property: Wills and Other Donative Transfers), in tandem with the Restatement (Third) of Trusts, is systematically proceeding through the whole field of wills, will substitutes, trusts, and estates. Both of the new Restatements should prove to be handy resources for trust and estate lawyers, not only in preparing to argue cases at both trial and appellate levels, but also in the everyday work of drafting and construing dispositive provisions in wills, trusts, and other types of donative documents. Each Restatement section is followed by a set of Comments explaining ...


Divorcees Turn About In Their Graves As Ex-Spouses Cash In: Codified Constructive Trusts Ensure An Equitable Result Regarding Erisa-Governed Employee Benefit Plans, Sarabeth A. Rayho Jan 2007

Divorcees Turn About In Their Graves As Ex-Spouses Cash In: Codified Constructive Trusts Ensure An Equitable Result Regarding Erisa-Governed Employee Benefit Plans, Sarabeth A. Rayho

Michigan Law Review

A revocation-by-divorce statute essentially nullifies a devise in a divorced decedent's will when the devise bequeaths property to the decedent's ex-spouse and the will was executed during their marriage. Until recently, state revocation-by-divorce statutes unquestionably applied not only to wills but also to will substitutes, including ERISA-governed employee benefit plans. In 2001, the Supreme Court held in Egelhoff v. Egelhoff ex rel. Breiner that ERISA preempts traditional state revocation-by-divorce statutes as applied to ERISA-governed employee benefit plans. In the wake of the Egelhoff decision, plan administrators may automatically pay proceeds to the listed beneficiary, even an ex-spouse, regardless ...


Reconsidering Reparations, Alfred L. Brophy Jul 2006

Reconsidering Reparations, Alfred L. Brophy

Indiana Law Journal

Eric Posner's and Adrian Vermeule's essay, Reparations for Slavery and Other Historic Injustices, seeks a framework for defining reparations and evaluating reparations claims. It explores a limited set of past reparations, as well as the connections between those asked to pay reparations and past wrongdoers, and the connections between those receiving reparations and those injured in the past. Posner and Vermeule use that framework to evaluate the morality of reparations and the legal problems that arise in implementing reparations proposals.

This Essay takes up the Posner-Vermeule analysis at several points. It challenges their limited definition of reparations and ...


Distinguishing Trustees And Protecting Beneficiaries: A Response To Professor Leslie, Karen E. Boxx Apr 2006

Distinguishing Trustees And Protecting Beneficiaries: A Response To Professor Leslie, Karen E. Boxx

Articles

No abstract provided.


Defective Products And Product Warranty Claims In Minnesota, J. David Prince Jan 2005

Defective Products And Product Warranty Claims In Minnesota, J. David Prince

William Mitchell Law Review

Warranty law is an important supplement to tort law principles governing liability for defective products. Warranties arise from promises or assertions associated with either the sale of a product or some other transfer of a product for value. Such promises or assertions about a product may be express, made in the form of the seller’s statements about the qualities or attributes of the product, or they may simply be implied as a matter of policy. Although warranty law is generally regarded today as part of the body of contract law, the origins of warranty lie in tort. Important developments ...


Modification And Termination Of Irrevocable Trusts Under The Ohio Uniform Trust Code, Alan Newman, Jamie R. Minor Jan 2005

Modification And Termination Of Irrevocable Trusts Under The Ohio Uniform Trust Code, Alan Newman, Jamie R. Minor

Akron Law Publications

The adoption of the Ohio Uniform Trust Code (the “OUTC” or “the Code”) will constitute a comprehensive codification of trust law in Ohio. Among the many subjects it covers are the modification and termination of trusts. As noted in a comment to the national Uniform Trust Code (the “UTC”), “the overall objective of these [modification and termination] sections is to enhance flexibility consistent with the principle that preserving the settlor’s intent is paramount.” Given such factors as the increased use of trusts in recent years (including trusts created by non-lawyers and lawyers who do not specialize in estate planning ...


Modification And Termination Of Irrevocable Trusts Under The Ohio Uniform Trust Code, Alan Newman, Jamie R. Minor Dec 2004

Modification And Termination Of Irrevocable Trusts Under The Ohio Uniform Trust Code, Alan Newman, Jamie R. Minor

Alan Newman

The adoption of the Ohio Uniform Trust Code (the “OUTC” or “the Code”) will constitute a comprehensive codification of trust law in Ohio. Among the many subjects it covers are the modification and termination of trusts. As noted in a comment to the national Uniform Trust Code (the “UTC”), “the overall objective of these [modification and termination] sections is to enhance flexibility consistent with the principle that preserving the settlor’s intent is paramount.” Given such factors as the increased use of trusts in recent years (including trusts created by non-lawyers and lawyers who do not specialize in estate planning ...


Codify -- Not Modify: Creditor Remedies And The Ohio Uniform Trust Code, Alan Newman, Richard Davis Jan 2004

Codify -- Not Modify: Creditor Remedies And The Ohio Uniform Trust Code, Alan Newman, Richard Davis

Alan Newman

In a number of states that have considered the Uniform Trust Code (“UTC”), Article 5, "Creditor’s Claims; Spendthrift And Discretionary Trusts," has become a flash point of controversy. The prefatory note to the UTC states that much of the UTC is a codification of the common law of trusts, but that it also introduces a number of innovative provisions. UTC critics, on the one hand, claim that more than a hundred years of common law have been tossed aside, giving creditors greatly expanded abilities to reach through once impenetrable barriers that previously protected trust beneficiaries, while supporters, on the ...


Ohio Uniform Trust Code Takes Shape, Alan Newman Jan 2004

Ohio Uniform Trust Code Takes Shape, Alan Newman

Alan Newman

The Uniform Trust Code (UTC) has been under study in Ohio since shortly after its approval by the National Conference of Commissioners on Uniform State Laws in 2000. See, e.g., Susan S. Locke, et. al., Uniform Trust Code, 11 PLJO 49 (Mar./Apr. 2001); David M. English, The Uniform Trust Code (2000) and Its Application to Ohio, 12 PLJO 1 (Sept./Oct. 2001); and David M. English, The Uniform Trust Code (2000) and its Application to Ohio, 30 Capital University Law Review 1 (2000).

Substantial progress has been made towards the adoption of a modified version of the UTC ...


Codify -- Not Modify: Creditor Remedies And The Ohio Uniform Trust Code, Alan Newman, Richard E. Davis Jan 2004

Codify -- Not Modify: Creditor Remedies And The Ohio Uniform Trust Code, Alan Newman, Richard E. Davis

Akron Law Publications

In a number of states that have considered the Uniform Trust Code (“UTC”), Article 5, "Creditor’s Claims; Spendthrift And Discretionary Trusts," has become a flash point of controversy. The prefatory note to the UTC states that much of the UTC is a codification of the common law of trusts, but that it also introduces a number of innovative provisions. UTC critics, on the one hand, claim that more than a hundred years of common law have been tossed aside, giving creditors greatly expanded abilities to reach through once impenetrable barriers that previously protected trust beneficiaries, while supporters, on the ...


Ohio Uniform Trust Code Takes Shape, Alan Newman Jan 2004

Ohio Uniform Trust Code Takes Shape, Alan Newman

Akron Law Publications

The Uniform Trust Code (UTC) has been under study in Ohio since shortly after its approval by the National Conference of Commissioners on Uniform State Laws in 2000. See, e.g., Susan S. Locke, et. al., Uniform Trust Code, 11 PLJO 49 (Mar./Apr. 2001); David M. English, The Uniform Trust Code (2000) and Its Application to Ohio, 12 PLJO 1 (Sept./Oct. 2001); and David M. English, The Uniform Trust Code (2000) and its Application to Ohio, 30 Capital University Law Review 1 (2000).

Substantial progress has been made towards the adoption of a modified version of the UTC ...


Estate Planning Malpractice: Is Strict Privity Here To Stay?, Angela M. Vallario Mar 2003

Estate Planning Malpractice: Is Strict Privity Here To Stay?, Angela M. Vallario

All Faculty Scholarship

Under Maryland case law, a plaintiff in an estate planning malpractice action must be in strict privity with the attorney who drafted the will. To date, Maryland has not extended the third-party beneficiary exception to the estate planning arena.

Legatees specifically identified in a will by name or class are generally precluded from bringing a cause of action against the attorney for the attorney's alleged negligence, because in Maryland in order to recover for legal malpractice, a plaintiff must:show: "(1) the attorney's employment; (2) his neglect of a reasonable duty; and (3) loss to the client proximately ...


Anticipatory Repudiation Of Letters Of Credit, Keith A. Rowley Jan 2003

Anticipatory Repudiation Of Letters Of Credit, Keith A. Rowley

Scholarly Works

Letters of credit play a vital role in financing international transactions, and are becoming increasingly popular domestically as substitutes for more traditional secured financing. As such, they deserve substantially more scholarly attention than they receive outside of specialized treatises and banking trade publications. Moreover, as unilateral promises by issuers of the letters of credit to pay money to their beneficiaries, the fact that Article 5 of the Uniform Commercial Code and pre-UCC common law recognize the right of a beneficiary to sue for anticipatory repudiation is at odds with the prevailing rule in this country that a promisee cannot sue ...