Legal Question in Wills and Trusts in Texas
47% ownership in shopping center in a trust
If a trustee owns 49.5% of a shopping center and 5 children own the remaining 49.5% of the shopping center in trust, can the trustee just decide without consent to buy out the 5 beneficiaries at a price based on ''equity interest'' in the center vs. fair market value of their ownership interest and then sell the shopping center at a considerable profit & turn around & buy a new shopping center for himself?
2 Answers from Attorneys
Re: 47% ownership in shopping center in a trust
sounds like self dealing and breach of fiduciary duty to me. If you want my assistance on this matter, contact me by email.
Re: 47% ownership in shopping center in a trust
It smells like a breach of fiduciary duty, but an attorney would have to look at the language of the trust itself.
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