Texas Court Tosses $3M Award In Family Trust Dispute

Law360, New York (March 20, 2012, 7:15 PM EDT) -- A Texas appeals court ruled Tuesday that trust documents can't completely absolve trustees of fiduciary duties in a dispute over a family trust tied to energy company Martin Midstream Partners LP, though it overturned a lower court's $3 million judgment on separate grounds.

The document creating the Ruben S. Martin III Dynasty Trust has language limiting self-dealing and divided loyalty claims against trustee Scott D. Martin, but he still has a duty under the Texas Trust Code to “act in good faith and in accordance with...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.