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Case Citations [1] (July 2019 - April 2020)

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                                     TRUSTS 3D



Generally

Ct.Fed.Cl.2019. Cit. generally in disc. Native American tribes brought a lawsuit against the United
States, alleging that defendant breached its fiduciary duty as trustee of tribal trusts. This court entered
judgment  for plaintiffs, holding, inter alia, that defendant acted imprudently during certain periods when
it served as trustee. The court explained that, although the terms of the trust contemplated both the
Restatement Second  of Trusts and Restatement Third of Trusts, the court relied on the Restatement
Third for this case, because the parties heavily cited the Restatement Third, and the prudent-investor
rule under both Restatements were nearly identical. Western Shoshone Identifiable Group by Yomba
Shoshone  Tribe v. United States, 143 Fed.Cl. 545, 608.

Cal.App.2019.  Cit. generally in case quot. in ftn. In a dispute between trustee of decedent's life-
insurance trust and named beneficiaries of decedent's life-insurance policy, this court relied on the
Restatement Third of Trusts in holding that the policy irrevocably became trust property upon
decedent's execution of the trust document, given the irrevocable nature of the trust and its language
demonstrating his intent to immediately transfer ownership of the policy to trustee. In making its
decision, the court noted that California trust law was derived from the Restatement Second of Trusts,
which had been superseded by the Restatement Third of Trusts, and that California courts accordingly
looked to the Restatement Third of Trusts for guidance. Dudek v. Dudek, 246 Cal.Rptr.3d 27, 34.



              PART   1. NATURE,   CHARACTERISTICS, AND TYPES OF TRUSTS

                       CHAPTER 1. DEFINITIONS AND DISTINCTIONS

§ 2. Definition of Trust

C.A.10, 2019. Quot. in sup.; com. (a) quot. in sup. Taxpayers who were majority shareholders in a
Subchapter S corporation appealed a decision of the United States Tax Court that held them liable under
§ 267 of the Internal Revenue Code for past-due taxes arising out of errors in their income-tax returns,
which were  caused by premature deductions for expenses paid to the corporation's employee stock
ownership plan (ESOP). This court affirmed, holding, among other things, that the corporation's ESOP
was a trust within the meaning of § 267. The court noted that, although the Internal Revenue Code did
not define the term trust, it looked to the definition set forth in Restatement Third of Trusts § 2, which
specified that the term trust included private pension-fund arrangements in trust form. Petersen v.
Commissioner  of Internal Revenue, 924 F.3d 1111, 1116, 1117.

Ill.App.2019. Quot. in disc.; com. (d) cit. in case cit. in disc. Judgment creditor brought a collection
proceeding against sole trustee of trust, who was also the sole beneficiary, alleging that the trust was
invalid because it had been created as a sham to shield defendant's assets from creditors. The trial court
entered judgment for plaintiff. This court affirmed, holding that the merger doctrine rendered the trust
invalid. The court relied on Restatement Third of Trusts § 2 in defining the basic elements of a trust, and

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           For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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