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A typical bond indenture provides that prior to the incurrence of an event of default, a trustee's obligations are limited to those specifically set forth in the indenture.

In Bank of New York Mellon , the plaintiffs were a group of investors in 260 RMBS trusts created between 2004 and 2008 and originally secured by loans valued at more than $176 billion.

In a recent decision in the Southern District of New York, the court addressed a challenge to a secured-for-unsecured debt exchange offer that raised and answered a host of questions...

The threat of litigation may give minority bondholders a powerful tool to hinder less than fully consensual out-of-court restructurings and provide them with increased leverage in negotiations.

In a decision affirming the importance of the attorney-client privilege in the mutual fund board setting, an Illinois federal court ruled on April 25, 2017 that fund shareholders were not entitled to...

On December 11, 2020, Congress passed the Corporate Transparency Act ("CTA") as part of the National Defense Authorization Act for 2021.

The Tussey decision provides an 81-page discussion of how a retirement committee should conduct its fiduciary business.

A California state appellate court recently upheld the trial court's decision in The 2009 Metropoulos Family Trust v. Franchise Tax Board that nonresident shareholders of an S corporation source gain...

As 2025 comes to a close, it presents a timely opportunity to review recent legislative developments and explore new planning opportunities that could enhance your estate planning...

In a similar case, the New Jersey Superior Court upheld a state tax court decision disallowing taxes on trust income lacking sufficient contacts with New Jersey.

Last month, the House Ways & Means Committee (the "Committee") approved draft legislation (the "Legislation") as part of Congress' ongoing $3.5 trillion budget reconciliation process.

In Zieve, Brodnax & Steele, LLP v. Dhindsa, the California Court of Appeal held a California statute that establishes the priority of payment of proceeds from a nonjudicial foreclosure sale does...

Trust beneficiaries often request a corporate trustee to prepare a statutory accounting. The Texas Trust Code in Section 113.151 provides that a beneficiary may request a written statement of accounts.

To protect assets, your trust must own them and be irrevocable.

The Fifth Circuit, in In the Matter of: ATP Oil & Gas Corp. (Tow v. Bulmahn, et. al.), dismissed breach of fiduciary duty claims and fraudulent transfer claims brought by a chapter 7...

In a no-action letter dated February 12, 2018, the SEC expanded the scope of Section 3(c)(5)(C) of the Investment Company Act to apply to a sponsor of multiple securities trusts that hold whole mortgage loans.

Effective as of January 1, 2024, the CTA requires most corporations, limited liability companies, and other registered entities to report Beneficial Ownership Information to FinCEN.