ABA Corporate Trust Committee: Judge's Ruling Could Hurt Trustees

Hume, Lynn
June 2003
Bond Buyer;6/25/2003, Vol. 344 Issue 31664, p1
Trade Publication
The American Bankers Association's corporate trust committee is upset with a Washington State judge's ruling against U.S. Trust Co., warning it imposes duties on the company "that are inconsistent with accepted corporate trust industry customs and practices" in the municipal bond market. The ABA committee issued the warning June 19 in a five-page "declaration" by its members that outlines their views of the very limited responsibilities of corporate trustees in municipal bond offerings. U.S. Trust is using the declaration to support its efforts to either get the ruling reconsidered by Judge Alan R. Hancock, of the Washington State Superior Court for Island County, or overturned by a state appeals court.


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