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Tag Archives: Breach of Fiduciary Duty Claim

Public Utilities – EMC – Deceased Members – Capital Credits – Retirement – Discount – Tort/Negligence – Breach of Fiduciary Duty Claim (access required)

Lockerman v. South River Electric Membership Corp. Plaintiffs have failed to show that there is a fiduciary relationship between an electric membership corporation and its members. Therefore, plaintiffs have failed to prove the defendant-electric membership corporation breached a fiduciary duty when it discounted deceased members’ capital credits before paying them.

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Public Utilities – EMC – Deceased Members – Capital Credits – Retirement – Discount – Tort/Negligence – Breach of Fiduciary Duty Claim (access required)

Lockerman v. South River Electric Membership Corp. Plaintiffs have failed to show that there is a fiduciary relationship between an electric membership corporation and its members. Therefore, plaintiffs have failed to prove the defendant-electric membership corporation breached a fiduciary duty when it discounted deceased members’ capital credits before paying them.

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Tort/Negligence – Banks & Banking – Breach of Fiduciary Duty Claim – Embezzlement by Customer’s Agent (access required)

Global Promotions Group, Inc. v. Danas, Inc. Plaintiffs hired an accounting services firm to handle certain financial aspects of plaintiffs’ businesses, and agents of the firm embezzled from plaintiffs. Plaintiffs’ allegations do not state claims against the defendant-bank or its employee.

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Real Property – Restrictive Covenants – Amendment – Pre-Amendment Violations – Tort/Negligence – Breach of Fiduciary Duty Claim (access required)

Taddei v. Village Creek Property Owners Association, Inc. Even though one paragraph of the subdivision’s restrictive covenants only allows the declarant, or its successors or assigns, to amend the covenants in order to bring them into compliance with town ordinances, another paragraph of the covenants allows a majority of property owners to amend the covenants before they are renewed every 10 years. The defendant-homeowners’ association followed the latter paragraph’s requirements to amend the covenants.

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Corporate – Tort/Negligence – Breach of Fiduciary Duty Claim – First Impression – Sole Shareholder – No Duty to Corporation, Officers or Directors – Judicial Estoppel – Prior Bankruptcy (access required)

T-WOL Acquisition Co. v. ECDG South, LLC Since defendant Edmonds was the sole shareholder of the plaintiff-corporation, he owed no fiduciary duty to the corporation or to an individual plaintiff who may have been an officer and director of the corporation.

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Tort/Negligence – Breach of Fiduciary Duty Claim – Power of Attorney – Dying Aunt – Banks & Banking – Joint Account with Right of Survivorship (access required)

Albert v. Cowart Acting at the direction of his dying aunt and pursuant to her power of attorney, a nephew transferred approximately $450,000 into a joint account with right of survivorship that he shared with his aunt. Since the aunt was still alive at the time of the transfers, the transfers did not constitute gifts to the nephew.

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Tort/Negligence – Banks & Banking – Real Property – Mortgages – Note & Guaranty — Breach of Fiduciary Duty Claim (access required)

Wells Fargo Bank, N.A. v. VanDorn The plaintiff bank seeks to collect on a note and guaranties executed by defendants. In their counterclaim, defendants allege nothing more than an ordinary — albeit longstanding — lender-borrower relationship; defendants have failed to allege a fiduciary relationship with the bank.

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Tort/Negligence – Real Property – Mortgages – Trustee – Breach of Fiduciary Duty Claim – No ‘Bad Faith’ Allegation (access required)

Evans v. Neill In their breach of fiduciary duty claim against the trustee of their deed of trust, plaintiffs did not allege that the trustee acted in bad faith. Although plaintiffs alleged a breach of the duty to properly service notice upon plaintiffs prior to foreclosing and selling the mortgaged property, the complaint failed to explain how the trustee’s error in serving notice constituted a failure of the duty to exercise good faith and due regard to plaintiffs’ interest. We affirm the trial court’s grant of the trustee’s motion to dismiss the breach of fiduciary duty claim.

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