Waiving Fiduciary Obligations
3 Pages Posted: 19 Mar 2009
Date Written: March 18, 2009
Abstract
A recent pair of decisions highlights the issues that arise when a waiver of fiduciary obligations is the desired outcome. The first of these decisions was rendered in Faulkner v. Kornman (in re The Hertias Organization, L.L.C.), where the question presented was how to interpret a waiver of fiduciary duties set forth in an operting agreement. In this instance, the operating agreement was specific that the manger of the Heritage Organization, L.L.C owed no fiduciary obligatons to either that business organization or to its members.
Suggested Citation: Suggested Citation
Rutledge, Thomas E., Waiving Fiduciary Obligations (March 18, 2009). Journal of Passthrough Entities, March-April 2009, Available at SSRN: https://ssrn.com/abstract=1364899
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