Practice point: A general partner’s fiduciary duty to limited partners continues until the closing of a buy-out transaction.
Students should note that, generally if a fiduciary sells property for an inadequate price the measure of damages is the difference between what was received and what should have been received. However, there is an appreciation of damages if the fiduciary engaged in self-dealing.
Case: Frame v. Maynard, NY Slip Op 08430 (1st Dept. 2010)
Here is the decision.
Monday’s issue: Contracts.
