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Trust administration is a necessary process that occurs after the death of either one or both settlors.
To protect the successor trustees, there are many things that must be done to ensure proper administration.
Section 326(a) of the House amendment modifies a provision as contained in H. Section 326(b) of the Senate amendment is deleted as an unnecessary restatement of the limitation contained in section 326(a) as modified.
The provision contained in section 326(a) of the Senate amendment authorizing a trustee to receive a maximum fee of 0 regardless of the availability of assets in the estate is deleted.
Preference targets are creditors such as trade creditors who did business on an unsecured basis with a troubled company that ultimately filed for bankruptcy.
The look-back period is generally 90 days from the petition date for noninsider creditors and one year for insiders.
The Company failed to make a profit, and Long filed a motion in the Court of Chancery to dissolve the Company and wind up its affairs.
Most commonly, a trustee seeking to pursue an avoidance action will have the option of using the longer of the two-year statute of limitations found at section 546(a)(1) of the Bankruptcy Code, or the applicable state fraudulent transfer statute of limitations provision (most of which are two-to-four years from the transfer date), in which to commence the action. Whether courts will approve the use of these longer statute of limitations as authorized under the guise of "applicable law" under section 544(a) of the Bankruptcy Code does not have a uniform answer. § 3306.) The FDCPA’s specific provisions, especially its express "exclusivity of use by the United States," are relied on by the courts finding that it is not "applicable law" under section 544 of the Bankruptcy Code. 2012), a special litigation entity on behalf of the debtor’s estate (MCAR), sued lenders, seeking to avoid the debtor’s payments on a guaranty as fraudulent transfers. 2005), the chapter 7 trustee filed proceedings in the bankruptcy court to avoid and recover alleged fraudulent transfers by the debtor and to deny the debtor’s bankruptcy discharge.
California Probate Code Section 16061.7 states that such notice must be sent within 60 days of the death of a settlor and allows the recipient of the notice to request a copy of the trust.
After receiving the mailed notice, the recipient has 120 days from the date of mailing to file a trust contest.
If more than one person serves as trustee in the case, the aggregate compensation of such persons for such service may not exceed the maximum compensation prescribed for a single trustee by subsection (a) or (b) of this section, as the case may be.
The court may deny allowance of compensation for services or reimbursement of expenses of the trustee if the trustee failed to make diligent inquiry into facts that would permit denial of allowance under section 328(c) of this title or, with knowledge of such facts, employed a professional person under section 327 of this title. The percentage limitation on the fees of a trustee contained in the House bill is retained, but no additional percentage is specified for cases in which a trustee operates the business of the debtor.