07/30/08
Kelley Drye's Litigation and Corporate Trust practices have issued a client advisory discussing the duties of indenture trustees under New York law.
On June 25, 2008, in a departure from prior law, the New York Court of Appeals held that "an indenture trustee owes a duty to perform its ministerial functions with due care, and if this duty is breached the trustee will be subjected to tort liability."
Download: New York Court of Appeals Decision (PDF, 89.66 K)
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