(DOWNLOAD) "Trusts and Estates Law - Knowledge of Successor Trustee Sufficient to Commence Statute of Limitations - O'connor V. Redstone." by Suffolk University Law Review * eBook PDF Kindle ePub Free
eBook details
- Title: Trusts and Estates Law - Knowledge of Successor Trustee Sufficient to Commence Statute of Limitations - O'connor V. Redstone.
- Author : Suffolk University Law Review
- Release Date : January 22, 2010
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 283 KB
Description
Trusts and Estates Law--Knowledge of Successor Trustee Sufficient to Commence Statute of Limitations--O'Connor v. Redstone, 452 Mass. 537 (2008) A trustee holds legal title to property for the benefit of another, and consequently has the power to bring actions at law against third parties who harm the trust property. (1) These legal actions are restricted by the statute of limitations applicable to tort or contract matters. (2) The trustee is also personally liable in equity to the beneficiary for any internal breaches of fiduciary duty, such as a breach of the duty of loyalty. (3) equitable actions by beneficiaries against trustees have typically been subject to the doctrine of laches, which requires the beneficiary to bring suit within a reasonable time after gaining actual knowledge of the trustee's breach. (4) In O'Connor v. Redstone, (5) the Supreme Judicial Court of Massachusetts considered whether a successor trustee's knowledge of a predecessor trustee's breach of fiduciary duty is sufficient to begin running the statute of limitations against beneficiaries who have no actual knowledge of such breaches. (6) In a departure from common-law principles pertaining to the separation of legal and equitable claims, the court held that the statute of limitations runs against the beneficiary when the successor trustee knows of the predecessor's breach. (7)
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