Can a fiduciary duty be based on an informal relationship?
The short answer is, yes it can be. An informal relationship may give rise to a fiduciary duty when one person trust in and and relies on another, whether the relationship is a moral, social, domestic, or purely personal one. A fiduciary duty based on an informal relationship may arise when a high degree of [...]
Is a breach of fiduciary duty a crime?
Texas has a criminal statute that makes it a felony offense to misapply fiduciary property. Many of the cases dealing with the criminal aspect of misapplication of fiduciary property deal with persons who have powers of attorney over a relative. Using the power of attorney, they essentially convert the relative’s money into their own. Occasionally, [...]
Limitation period for removal of a trustee
The Texas Supreme Court ruled in June 2009 that there is no statute of limitations for removal of a trustee. A beneficiary filed suit to remove the trustee of a trust set up for the benefit of the beneficiary. The trustee, although acknowledging breaches of fiduciary duty, contested the removal on the basis that more [...]
Financial institution breached fiduciary duty
In a case decided in 2005, a man had an account at a financial institution. He originally opened the account as a joint account with right of survivorship with his daughter. That means that he and his daughter were joint owners and when the first one died, the account would belong to the survivor without [...]
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