On April 6, 2018, 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

On February 6, 2018, the District of Delaware announced new case assignment procedures in light of Senior Judge Sleet’s decision to retire from the bench this fall and the two judicial vacancies... Continue Reading

On December 20, 2017, the President nominated Maryellen Noreika and Colm F. Connolly to serve as judges on the United States District Court for the District of Delaware. When confirmed, they will fill the vacancies created by Judge Robinson’s retirement and Judge Sleet taking senior status... Continue Reading

Delaware enacted a major overhaul of its unclaimed property statute on February 2, 2017 as Senate Bill 13, which was later amended by Senate Substitute No. 1 for Senate Bill 79 on June 29, 2017 (the “New Act”). The New Act affects companies currently under audit, companies in the Delaware voluntary disclosure program (a “VDA”) and any other companies that have unclaimed property reporting... Continue Reading

On August 30, 2017, Delaware Governor John Carney signed House Bill 169 into law (“Trust Act 2017”), which provides settlors, beneficiaries and fiduciaries of Delaware trusts with more tools and greater flexibility to confidently accomplish their various objectives... Continue Reading

On June 21, 2017, the Delaware Supreme Court affirmed a landmark decision by the Delaware Court of Chancery that found an “adviser,” within the meaning of 12 Del. C. § 3313, liable for breach of his fiduciary duties. This decision is especially noteworthy because the Delaware Court confirmed that it will honor, subject to statutory limitations, the standard of liability selected by a settlor... Continue Reading

On July 2, 2017, Delaware Governor John Carney signed into law House Bill No. 16, as amended, repealing Delaware’s estate tax for decedents who die after December 31, 2017. The repeal of Delaware’s estate tax will provide a substantial benefit to not only Delaware residents with taxable estates but also the estates of many nonresidents who die owning real or tangible personal property located... Continue Reading

On May 26, 2017, the U.S. District Court for the District of Delaware announced that, due to the Court’s two vacancies, it has invited judges from outside the District to handle certain cases... Continue Reading

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

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