Liquidating trustee statute of limitations


Section 326(a) of the House amendment modifies a provision as contained in H. Section 326(b) of the Senate amendment is deleted as an unnecessary restatement of the limitation contained in section 326(a) as modified.

The provision contained in section 326(a) of the Senate amendment authorizing a trustee to receive a maximum fee of 0 regardless of the availability of assets in the estate is deleted.

If no contest is filed within a 120 days, then the notice recipient may forfeit their right to file a contest.

But if no notice is mailed, the statute of limitations in which a trust contest could be filed is much greater, and could be up to at least four years.

The Court agreed with Long and dismissed Gallagher’s claim.

The Court first noted that statutes of limitation apply to cases in law, while the doctrine of laches applies to cases in equity.

This section simply fixes the maximum compensation of a trustee. The maximum fee schedule is derived from section 48c(1) of the present act [section 76(c)(1) of former title 11], but with a change relating to the bases on which the percentage maxima are computed. Trust administration is a necessary process that occurs after the death of either one or both settlors.To protect the successor trustees, there are many things that must be done to ensure proper administration.More than three years after the June 2009 auction, Gallagher sued Long alleging that Long breached his fiduciary duty as liquidating trustee of the Company by failing to conduct the auction in a manner that maximized the sale price of the Company’s assets.Long moved to dismiss this claim for being time-barred under the doctrine of laches.The Company failed to make a profit, and Long filed a motion in the Court of Chancery to dissolve the Company and wind up its affairs.

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