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McCormick v. Cox Case Brief
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Case Brief Summary & Legal Analysis
tl;dr: A trustee-attorney intentionally undervalued a trust’s sole asset, failed to account to beneficiaries for years, and secretly paid himself over $1.2 million in fees. The court affirmed his removal, a surcharge for damages, and complete disgorgement of all trustee and attorney’s fees.
Legal Significance: This case demonstrates that a trustee’s flagrant breaches of the duties of prudent administration, loyalty, and disclosure can result in severe remedies, including removal, surcharge for damages caused by the breach, and a complete denial and disgorgement of all compensation.
McCormick v. Cox Law School Study Guide
Use this case brief structure for your own legal analysis. Focus on the IRAC methodology to excel in law school exams and cold calls.
Case Facts & Court Holding
Key Facts & Case Background
Arthur McCormick, an attorney, served as trustee for the Cox family trusts, whose sole asset was a 100-acre property. For estate tax purposes, McCormick valued the property at $2.5 million, despite evidence he knew its development potential was far greater. The beneficiaries’ expert later valued the property at $10.5 million as of the date of death. The property ultimately sold for $12 million. The initial undervaluation forced the trust to incur over $2.1 million in costs for a § 1031 like-kind exchange to defer the significant capital gains tax. For four years, McCormick failed to provide the beneficiaries with annual accountings as required by the trust and Florida law. When he finally did, the accounting still carried the property at the outdated $2.5 million value, even though he had already received offers exceeding $10 million. Following the property’s sale, McCormick unilaterally paid himself over $1.2 million in trustee’s fees from the proceeds without beneficiary consent or court approval. He also paid his law firm over $74,000. The beneficiaries sued, seeking removal, surcharge, and disgorgement of fees.
Court Holding & Legal Precedent
Issue: Did the trustee breach his fiduciary duties by intentionally undervaluing the trust’s primary asset, failing to provide timely and accurate accountings, and taking excessive, unilateral fees, thereby justifying his removal, a surcharge for resulting expenses, and disgorgement of all compensation?
Yes. The court affirmed the trial court’s judgment, holding that the trustee Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cu
IRAC Legal Analysis
Complete IRAC Analysis for Higher Grades
IRAC (Issue, Rule, Analysis, Conclusion) is the exact format professors want to see in your exam answers. Our exclusive Flash-to-Full briefs combine holding, analysis, and rule statements formatted to match what A+ students produce in exams. These structured briefs help reinforce the essential legal reasoning patterns expected in law school.
Legal Issue
Did the trustee breach his fiduciary duties by intentionally undervaluing the trust’s primary asset, failing to provide timely and accurate accountings, and taking excessive, unilateral fees, thereby justifying his removal, a surcharge for resulting expenses, and disgorgement of all compensation?
Conclusion
This case provides a powerful illustration of the core duties of a Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco
Legal Rule
A trustee has a fiduciary duty to diligently ascertain asset values, provide Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, su
Legal Analysis
The court's analysis centered on the trustee's fundamental fiduciary obligations. First, the Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Lorem ipsum dolor sit amet, consec
Flash-to-Full Case Opinions
Flash Summary
- A trustee commits a flagrant breach of fiduciary duty by intentionally