Earlier this month, Lindley Law secured an order declaring a contested deed null and void for lack of proper authentication. Representing the guardian of the estate of an elderly woman who was adjudicated incompetent, Lindley Law sought to protect her property interest from an attempted transfer by her son. Lindley Law alleged the deed was invalid under eight different legal theories, including fraud and forgery. In performing its due diligence, Lindley Law located the mother’s notarized signature from twenty-nine (29) other documents over a time period spanning more than twenty (20) years. The signature on the deed in question did not resemble the other known signatures, but a handwriting…
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NC Business Court Rules Former President and CEO Required to Bring Derivative Suit
The North Carolina Business Court issued an order last month disqualifying the individual plaintiff’s counsel from also representing a company, Bolier & Co., LLC (“Bolier”). The individual plaintiff, Christian Plasman, ostensibly hired his lawyer on behalf of himself and Bolier despite being a minority member of the company and without authorization from its majority member.[1] Bolier’s Operating Agreement stated Decca Furniture (USA), Inc. (“Decca”) owned a fifty-five percent (55%) majority ownership in Bolier, while Plasman owned the remaining forty-five percent (45%). The Business Court ruled Plasman, as a minority member, was not authorized to bring direct claims in Bolier’s name, but must “bring such…
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On Mandating Trustees’ Duty to Inform and Report
Twenty-three years ago, Clark “CB” Bagby, Jr. assumed control of his father’s already successful demolition and grading company and grew it into one of the largest in the Southeast. Only one of his four children showed any promise or passion for the family business, the others content to enjoy its fruits. CB, the sole shareholder of the eponymously named CBDG, Inc., is acutely aware of his need for succession planning and is equally determined to make it as painless for himself as possible. “I want them to know I’ve taken care of them, but I don’t want to be pestered about what I gave them, whether it’s enough, or…
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Creating a Successful Wealth Management Plan: Is a Corporate Trustee Right for You?
As the aging baby boomer generation reaches retirement age and beyond, their wealth management decisions will significantly influence the demand for fiduciary services. Twenty-first century technology makes it easier than ever to retrieve up-to-date financial information and self-help investment guides. Accordingly, baby boomers and subsequent generations are more financially sophisticated than their parents, and increasingly responsible for their own savings, income, and financial future. While many “boomers” feel comfortable managing their own assets, they are almost three times more likely to appoint a corporate trustee to manage wealth and inheritance for future generations.1 Motivations behind this decision include the increasing complexity of wealth management, reluctance…
