Estates and Trusts Commons^™

Shareholder Expression In A Time Of Heightened Political Tension, Aaron A. Dhir

Seattle University Law Review

In this article, I provide context for my forthcoming research project on shareholder proposals and racial equity audits. Since the murder of George Floyd in May of 2020, progressive shareholder actors have increasingly used the proposal mechanism to advance diversity, equity, inclusion, and justice-related goals. These proposals have frequently gone beyond requesting the usual corporate fare of diversity trainings, intersectionality workshops, affinity groups, etc. Instead, a more ambitious type of proposal asks corporate America to conduct racial equity audits, defined as “an independent, objective and holistic analysis of a company’s policies, practices, products, services and efforts to combat systemic racism …

Corporate Governance Speech, Sarah C. Haan

Seattle University Law Review

The State has always regulated the intra-firm communications that make corporate governance possible, most commonly by mandating disclosures of information by a corporation to its shareholders. Some such laws are labeled “securities regulation,” but securities regulation is a broad category that extends to speech by actors who are outside the corporate enterprise as well. Also, the conventional securities regulation category does not capture all such laws; other examples, including informationforcing mandates, can be found in state corporate law. This Article uses the term “corporate governance speech” to describe the communications among shareholders, directors, and officers through which corporate governance is …

Dark Accounting Matter, Colleen Honigsberg

Seattle University Law Review

Physicists calculate that approximately 85% of the matter in the universe is composed of “dark matter” that “does not absorb, reflect, or emit electromagnetic radiation and is therefore difficult to detect.” The S&P 500 currently trades at a price-to-book value of 4.2, suggesting that book value accounts for less than 20% of the S&P 500’s market value. The remaining 80% appears nowhere in these firms’ balance sheets—it is invisible to contemporary accounting techniques and constitutes “dark accounting matter.”

Some “dark accounting matter” is composed of factors commonly described as components of “ESG.” Human capital, for example, is an intangible asset …

The Employees’ Dilemma: Balancing Internal Reporting, Whistleblowing, And Insider Trading Risks, Geeyoung Min

Seattle University Law Review

The Essay examines how recent developments in insider trading regulations and whistleblower reward programs can lead to unintended and counterproductive results of discouraging employees from using internal reporting channels within corporate compliance programs. While the presence of a robust and well-functioning corporate compliance program is a critical factor both in mitigating the level of public enforcement actions against companies and in protecting corporate managers from liability in private litigation, these programs often provide little incentive for employees to report potential misconduct internally.

Corporate compliance programs are designed to promote the upward information flow within the company, which is essential for …

How The Antidiscrimination Law Of Commercial Transactions Really Works, Helen Norton

Seattle University Law Review

A variety of businesses now cite 303 Creative when seeking First Amendment protection for their refusal to serve certain customers based on those customers’ protected class status. How this litigation will play out remains to be seen. But future courts need not, and should not, repeat the 303 Creative Court’s misunderstanding of how the antidiscrimination law of commercial transactions actually works.

Part I of this Essay explains the Court’s longstanding understanding of the antidiscrimination law of commercial transactions, and then describes the Court’s failure to engage with this precedent in 303 Creative. Part II then identifies the 303 Creative decision’s …

The Duality Of Lawyers As Escrow Agents, Douglas R. Richmond

Loyola University Chicago Law Journal

An escrow agent is someone who holds money or property in trust for others under agreed terms until a transaction is completed, or a dispute is resolved. Although institutional depositaries are widely available, clients frequently ask their lawyers to serve as escrow agents in connection with transactions in which the lawyer represents the client. In fact, lawyers are generally permitted to serve as escrow agents with respect to clients' transactions so long as all parties involved knowingly consent to the arrangement. This is true both under agency law and as a matter of lawyers' professional responsibility.

Unlike a lawyer who …

Racing To The Top Instead Of The Bottom In Illinois Estate Law, Sarah E. Waldeck

Loyola University Chicago Law Journal

In the last two decades, competition for trust business has led states to abolish the Rule Against Perpetuities, authorize trust decanting, and permit self-settled asset protection trusts all in the hope that settlors will bring their trusts (and the fees they generate) within a state's jurisdiction. But this legislation is profoundly inequitable because it primarily benefits wealthy settlors and those lucky enough to be their beneficiaries, while shifting cost and risk to everyone else.

In the face of such competition, Illinois has fought to retain its trust business by passing legislation that allows settlors to opt out of the perpetuity …

Donor Standing To Enforce Charitable Gifts In The 21st Century, Nancy Mclaughlin

Utah Law Faculty Scholarship

This Article outlines the current state of the law regarding donor standing, which illustrates two realities. First, there is an increasing lack of coherence in the law, which has negative consequences, including that the same charitable gift may now be subject to different donor-standing rules depending on completely arbitrary factors. Second, the trend is in favor of granting donors and certain others standing, although this trend is occurring in a haphazard way. This Article also discusses the various factors that led the law of donor standing down this path. Among other things, there has been a gradual normalization of the …

Green Dividends: A Case Study In Green Dividends And The Conditions For Private Ordering Solutions, Anne M. Tucker

Seattle University Law Review

This Essay introduces a novel private ordering solution to facilitate corporate investments in pro-social and environmental initiatives: Green dividends. Green dividends are an optional increase in shareholder dividends that are returned to the company to be reinvested in environmental initiatives or kept by a shareholder.

Green dividends pose an alternative to the current gridlocked debate that corporations can’t, won’t, shouldn’t, and shouldn’t even try to act in pro-social or environmental ways. Turning the common refrains on their head converts each narrative into an element for a successful private ordering solution: authority, accountability, shareholder buy-in, and government- backed enforcement. With Green …

Does Climate Disclosure Work To Reduce Greenhouse Gas Emissions? Emerging Evidence Suggests Cautious Optimism, Cynthia A. Williams

Seattle University Law Review

Significant regulatory resources have been spent developing global, voluntary climate and sustainability disclosure standards, such as the TCFD, TNRD, and ISSB’s Sustainability and Climate Disclosure standards, or domestically required disclosures, such as in the EU and in the U.S. Thus, it is important to evaluate whether this disclosure, particularly voluntary, qualitative disclosure, will have the power to shift the allocation of capital, will have a significant effect on the management of climate risk within firms, and ultimately will reduce climate change risk and biodiversity loss.

In this Article, several interrelated questions will be discussed. First, what does the empirical evidence …

Risks, Benefits, Opportunities, And Electronic Formalities In The Law Of Wills: A Comparative Approach, Bridget J. Crawford, Margaret Isabel Hall, Tina Cockburn, Rosie Harding, Kelly Purser

Elisabeth Haub School of Law Faculty Publications

Traditional "formalities" in the law of wills-including formal requirements for revocation by destruction-contemplate paper documents, wet signatures, and testators and witnesses in the physical presence of one another. Unless these traditional requirements have been modified by legislation, wills made using one or more electronic formalities will not meet the formal requirements for a valid will. Traditional wills formalities have become something of an outlier as the use of electronic text, records, signatures, and witnessing has become routine in many spheres, including for the creation and storage of valid legal agreements. The special nature of wills, and their consequent vulnerability to …

Glassie V. Doucette, 316 A.3d 1152 (R.I. 2024), Christopher M. Ray

Roger Williams University Law Review

No abstract provided.

Social Purpose Reit, Evan Absher

Faculty Works

The United States grapples with a severe housing affordability crisis, often attributed to restrictive zoning laws, speculative private equity investment, and policy deficiencies. Each of these factors contributes to the housing shortage, but addressing any single factor in isolation is insufficient to resolve the underlying issue. A holistic solution requires increasing housing availability across the entire affordability spectrum through both the production of new units and the preservation of existing affordable housing.

This article argues the misalignment of interests among key local stakeholders—residents, community organizations, and investors is the fundamental cause of the housing crisis. Realignment requires a transformation of …

The Law Of Digital Resurrection, Victoria J. Haneman

Scholarly Works

The digital right to be dead has yet to be recognized as an important legal right. Artificial intelligence, augmented reality, and nanotechnology have progressed to the point that personal data can be used to resurrect the deceased in digital form with appearance, voice, emotion, and memory recreated to allow interaction with a digital app, chat bot, or avatar that may be indistinguishable from that with a living person. Users may now have a completely immersive experience simply by loading the personal data of the deceased into a neural network to create a chatbot that inherits features and idiosyncrasies of the …

"Baby-Steps For Baby Business": Diverse Market, Challenges, And Workable International Regulation For Cross-Border Commercial Surrogacy, Ellene Ko

Cardozo International & Comparative Law Review

The note examines the rapid growth of transnational commercial surrogacy as a multibillion-dollar industry, driven by assisted reproductive technologies and fertility tourism. It highlights the legal conflicts and challenges arising from the patchwork of international surrogacy regulations, including issues of citizenship, exploitation, and enforcement of cross-border contracts. The analysis advocates for an international convention to establish a clear legal framework for transnational surrogacy, emphasizing the need for shared responsibility between global and national oversight bodies to prevent exploitation and ensure ethical practices.

Healing An Unimaginable Loss: How Social Media Platforms Can Help Bereaved Parents Through Adr, Molly Baraban

Cardozo Journal of Conflict Resolution

This Note will argue that Alternative Dispute Resolution ("ADR") can successfully be utilized to mediate disputes between parents and social media platforms to facilitate account access in certain instances where a minor child has passed away in a manner that warrants answers. This Note will argue that the rise in mediation being used to resolve probate issues and reform of arbitration use amongst social media platforms, coupled with the continued increase of minors using social media, indicates opportunities for settlements between parents and platforms. This Note will then propose a multi-tiered approach, that would first utilize a conciliator who is …

The Pathologies Of Revocation By Physical Act, Barry Cushman

Journal Articles

The power to revoke one’s will by physical act was enshrined in Anglo-American law in 1677 by the Statute of Frauds. It remains the law in Great Britain, in such developed Commonwealth countries as Canada, Australia, and New Zealand, and in each of the United States of America. Yet revocation by physical act creates numerous perplexities in the law, is badly out of phase with the law governing non-probate transfers, has become increasingly anomalous within the law of wills itself, and is in need of reform.

In a previous article, The Decline of Revocation by Physical Act, I documented …

Volume 48 Masthead, Seattle University Law Review

Seattle University Law Review

Volume 48 Masthead

Voting Matters: Materiality Considerations And The Shareholder Vote, Renee M. Jones

Seattle University Law Review

For the shareholder franchise to have meaning, shareholders must have access to relevant information to inform their voting decisions. The securities laws’ disclosure requirements play an essential role in informing the shareholder vote.

This Essay focuses on the question of the materiality of information in the context of shareholder voting. It addresses the question of whether ESG-related information is material, positioning the materiality inquiry within the context of shareholders’ voting decisions. It explores the definition of materiality with a focus on the “reasonable investor” concept embedded within the definition. The Essay argues that the implicit expectations of many commentators that …

Volume 48 Masthead, Seattle University Law Review

Seattle University Law Review

Volume 48 Masthead