Client Alerts

Mennen v. Fiduciary Trust Int’l of Del.

The Delaware Supreme Court decided a case this week that is of great importance to Delaware trust law involving the enforceability of a spendthrift provision and the protection of trust assets against the claims of a beneficiary’s creditors relating to breaches of fiduciary duties by the beneficiary which arose in a separate but related action. This opinion is notable because it is a strong... Continue Reading

Two Timely Articles: How to Deal With Repeal and Why Delaware Trusts Lead the League

Morris Nichols’ Partner, Todd Flubacher, recently published two articles and we are pleased to forward them to you. The first, “How To Deal With Repeal: Dynasty Trust Planning Will Be An Essential Tool,” published in the March 2017 issue of Trusts & Estates, explains many of the planning opportunities that will become available if the estate and GST taxes are repealed and why planning... Continue Reading

Delaware District Judge Gregory M. Sleet to Take Senior Status

Today, the Delaware District Court announced that as of May 1, 2017, the Honorable Gregory M. Sleet will take senior status. Judge Sleet has served nearly 19 years on the bench, including as Chief Judge from 2007 to 2014, and has handled some of the most complex patent cases in the nation. The Court noted that Judge Sleet intends to render substantial judicial service as a Senior Judge. The Court... Continue Reading

Delaware Corporation Law Section Approves Amendments to Delaware’s Alternative Entity Acts

3.29.2017 - Client Alerts - Commercial

On Monday, March 27, 2017, the Corporation Law Section of the Delaware State Bar Association approved amendments to the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et seq. (the “DLLCA”), the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. §§ 17-101 et seq. (the “DRULPA”), and the Delaware Revised Uniform Partnership Act, 6 Del. C. §§ 15-101 et seq. (the... Continue Reading

Delaware Bankruptcy Court Releases 2017 Local Rule Amendments

On February 1, 2017, the United States Bankruptcy Court for the District of Delaware (the “Delaware Bankruptcy Court”) released the 2017 version of the Local Rules for the United States Bankruptcy Court District of Delaware (Effective February 1, 2017) (the “Local Rules”). As a courtesy to our clients and friends, the Morris Nichols Business Reorganization & Restructuring Group has... Continue Reading

District of Delaware Judge Robinson Takes Senior Status, Leading to Changes in Case Assignment Practices

On February 3, 2017, the United States District Court for the District of Delaware announced that with the celebration of her birthday today, Judge Sue L. Robinson has officially become a Senior United States District Court Judge.  With Judge Robinson’s senior status, the Court has modified certain case assignment practices... Continue Reading

Major Changes to Delaware’s Unclaimed Property Practices Underway, as Governor Signs Senate Bill 13 into Law

On February 2nd, 2017, Governor John Carney signed into law Senate Bill 13 (“S.B. 13”) which rapidly passed through both the Delaware Senate on January 19th, and the Delaware General Assembly on January 26th. S.B. 13, which is a major overhaul of Delaware’s unclaimed property statute, remains largely unchanged from the version that was introduced in the Senate, retaining the dual aims of... Continue Reading

Major Reforms Proposed in Unclaimed Property Legislation Introduced in Delaware Senate

Senate Bill 13, cosponsored by Senator Bryan Townsend and Representative Bryon Short, on January 12, 2017, is a major overhaul of Chapter 11, Title 12 of the Delaware Code, Delaware’s unclaimed property statute, and is aimed at both updating Delaware law in light of the 2016 Revised Uniform Unclaimed Property Act (“RUUPA”) developed by the Uniform Law Commission and at addressing certain... Continue Reading

Analysis of DING Trust Rulings PLR 201426014 and PLR 201642019

PLR 20146014 addressed all of the rulings relevant to the tax structure of a so-called DING trust, except that there is one major factual difference upon which the IRS ruled. In that ruling, if Child 1 and Child 2 are no longer serving as the Distribution Committee, or if there are fewer than two members of the Distribution Committee serving, then all of the trust property would be distributed... Continue Reading

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