Duty of Loyalty
•    See Texas Prop 113.051
•    Duty to keep accounts, minimize taxes, care and skill etc.
•    Other duties,
•    “Prohibition on self-dealing”
•    No buying, selling, dealing with trust AT ALL EVER unless you’re asking judge to get your fee
•    This includes indirect offenses as well
•    Rothko
•    Standing based on restriction to charity statute – now repealed, ? case would not have arisen BUT FOR statute
•    Executors sold for way under value and gave 50% commission for additional painting
•    Problem with COI – executor selling to his company – status seeker and liquidates own art collection
–    Another executor makes K with gallery to increase his own status
–    Last executor is just stupid – but liable for 6.4 million anyway!
–    Texas Prop 113.051-113.056
•    See also co-trustee statute – Texas Prop 114.006
•    Ledbetter
•    Why couldn’t make merger decision?
•    Didn’t stop from barriers to hostile takeover
•    Trustee retires, so try not to have ??
•    Exculpatory language – see 113.059
•    Settlor can remove duties from trustee
•    113.059b – no exculpation for corporate trustee for things in 113.052 and 113.053
•    could call this exculpatory
–    Can also have implied self-dealing