A Texas appeals court was asked that question when they had to interpret the following language in a Trust relating to the Trustees dealings with the Trust assets and the beneficiaries: “no principle or rule relating to self-dealing or divided loyalty shall be applied to any act of said Trustee, but said Trustee shall be held to the same standard of liability in respect of such transactions as in respect of transactions with disinterested persons.” Normally, self-dealing is a violation of the Trustee’s duties.
The Trustee claimed that the provision in the Trust relieved him of liability for self-dealing. The Court disagreed and held that the Texas Trust Code did not permit the waiver of those duties. 363 /3 221.
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