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In the United States, the Uniform Trust Code provides for reasonable compensation and reimbursement for trustees subject to review by courts, [24] although trustees may be unpaid. Commercial banks acting as trustees typically charge about 1% of assets under management. [25]
The standard for a trustee actions under the UTC is that a trustee must act "as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust." [39] In satisfying this standard, the trustee must exercise reasonable care, skill, and caution. [15]
Additionally, the UTC incorporated provisions from smaller, more specific uniform acts related to trusts while also superseding some outdated ones (including Article VII of the Uniform Probate Code, the Uniform Prudent Investor Act of 1994, the Uniform Trustee and Powers Act of 1964, and the Uniform Trusts Act of 1937). [2]
"It is essential to bear in mind that the existence of a fiduciary relationship does not mean that every duty owed by a fiduciary to the beneficiary is a fiduciary duty. In particular, a trustee's duty to exercise reasonable care, though equitable, is not specifically a fiduciary duty . . ." Ipp J. explained, at p. 158:
The U.S. Trustee's office conducts the first meeting of creditors in a Chapter 11 case. Most Chapter 11's do not require the appointment of a trustee: however, in those cases which do, the U.S. Trustee oversees the appointed trustee's handling of the case and, for good cause, can seek the removal or replacement of the trustee.
Similarly, the Trustee said, J&J's Red River bankruptcy was designed to benefit a non-debtor through releasing its liabilities through bankruptcy — a practice now barred by the Supreme Court’s ...
Tesla shareholders have voted twice to hand CEO Elon Musk a compensation package valued at more than $50 billion, which would make him the highest-paid executive ever. In a post Tuesday on X ...
An undischarged bankrupt has capacity to sue for wrongful dismissal, as such damages constitute wages that are exempt from vesting in a trustee in bankruptcy under the Bankruptcy Act. Bad faith conduct in the manner of dismissal is another factor that is properly compensated for by an addition to what may be considered reasonable notice.