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- W3125834564 abstract "The past twenty years have seen significant changes in the law governing trustees’ fiduciary duties. Though fiduciary duty law is a common law creation, recent changes are not a result of common law evolution, but legislative action. The push to codify trust law, including fiduciary duties, has come from several sources, including academics, who have argued that trust law should be more uniform, and banking institutions, which have pushed for legislation to ease the burdens of trust management. In some significant respects, legislative changes to fiduciary duties have not improved upon the common law. In fact, a few important statutes have replaced theoretically sound common law standards with rules that undermine the historical objectives of trust law. In some instances, scholars have justified changes by claiming that they are necessary to protect the non-professional, poorly counseled trustee. Generally, however, it is the large, institutional trustees that have benefited—significantly—from the statutory changes in the rules. In this Article, I argue that recent statutes would be much improved if they differentiated between professionals and nonprofessional trustees. There are critical distinctions between professional and non-professionals: differences in settlors’ expectations and objectives, negotiation settings, monitoring costs, and the trustees’ responses to liability rules. These distinctions justify having different fiduciary standards for different types of trustees. Courts, with their case-specific approach to rules, intuitively understand that the identity of the trustee should make a difference in assessing liability for breach of fiduciary duty. Whether expressly or implicitly, courts gradually have developed two sets of rules. Thus," @default.
- W3125834564 created "2021-02-01" @default.
- W3125834564 creator A5081693856 @default.
- W3125834564 date "2006-01-01" @default.
- W3125834564 modified "2023-09-26" @default.
- W3125834564 title "Common Law, Common Sense: Fiduciary Standards and Trustee Identity" @default.
- W3125834564 hasPublicationYear "2006" @default.
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