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Full-Text Articles in Estates and Trusts
Trusts - Tort Liability Of Trustee In His Representative Capacity, Reid J. Hatfield
Trusts - Tort Liability Of Trustee In His Representative Capacity, Reid J. Hatfield
Michigan Law Review
Plaintiff brought suit to recover damages for injuries allegedly sustained because of the unsafe condition of a hotel building owned and operated by the defendant trustee. The trustee was an insolvent bank and trust company in the hands of the state superintendent of banks, who was also joined as defendant. The prayer was for a "judgment against the defendants in their fiduciary capacity toward the trust." On appeal of the lower court's judgment sustaining defendants' demurrer, held, that the trustee could be sued in his representative capacity. Carey v. Squire, 63 Ohio App. 476, 27 N. E. (2d) …
Bankruptcy - Collection Of Assets - Satisfaction Of Conversion Claim From Non-Estate Assets, Jerry P. Belknap
Bankruptcy - Collection Of Assets - Satisfaction Of Conversion Claim From Non-Estate Assets, Jerry P. Belknap
Michigan Law Review
It is well-settled that a trustee in bankruptcy must use due diligence in collecting the assets of the bankrupt estate, and that he will be charged with the value of assets lost by a failure to discharge this duty. A difficult problem arises, however, where the bankrupt has converted and wasted estate assets, and subsequently acquires sufficient non-estate assets to equal the value of the assets converted. If there is a method whereby the trustee can obtain restitution for the loss to the estate, he must use due diligence to collect the claim for the benefit of creditors, or be …