Business Attorney
Earlier in September the North Carolina Court of Appeals highlighted the procedural difference between challenging the validity of a will through a caveat proceeding and resolving questions as to the construction of a will through an action for declaratory judgment.[1] …
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Real property owned by multiple individuals is held either as tenants in common, joint tenants with rights of survivorship, or (in the case of married couples) tenants by the entirety. Disputes may arise among joint owners of real property regarding its best and highest use or because personal relationships deteriorate. …
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In August, the North Carolina Business Court (“NCBC”) determined a non-compete agreement was unreasonable because of its overly broad geographic restriction, and denied Plaintiff’s motion for preliminary injunction to prohibit a former employee from competing with it.[1] In North Carolina, non-compete agreements are generally…
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In September 2011, Southeast Air Charter, Inc. (“Southeast Air”) brought suit against three (3) employees (“Defendants”) alleging, among other things, breach of fiduciary duty and constructive fraud. The North Carolina Business Court (“NCBC”) determined all defendants were rank-and-file employees of Southeast Air and therefore could not be subject to the…
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In 1960 Charles Pickelsimer (“Charles”) inherited significant stock holdings in a family telecommunications company.[1] Over the next 45 years, Charles gave his children and grandchildren stock certificates as gifts. When he sold the company in 2008 for $65 million, Charles and his children received significant cash distributions. In 2009, Charles…
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It is prudent to execute a healthcare and/or financial power of attorney well in advance of necessity to ensure your individual wishes are honored in the event you are unable to attend to your own needs. However, competency is required to execute a power of attorney. If you become incompetent and…
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On August 4, 2015, the North Carolina Court of Appeals issued a ruling clarifying that when a grantor seeks to create a statutory payable on death (“POD”) account, but fails to satisfy the statutory provisions, he/she can still rely on the existence of a common law tentative…
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On July 21, 2015, the North Carolina Court of Appeals issued a ruling emphasizing the importance of executing cohesive estate documents and appointing a trusted fiduciary to execute the testator’s wishes.[1] Dwight Jordan died testate with four children, and his will instructed the estate to be…
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While many people recognize the term “power of attorney,” most do not know how to create a valid power of attorney or choose between the various considerations. It is important to prepare safeguards to protect current and future assets long before one faces severe illness or incapacity. A power of…
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While North Carolina has never recognized a fiduciary relationship between lenders and borrowers, in June the North Carolina Business Court did recognized a new cause of action: breach of a duty to negotiate in good faith.[1] The Court confined its decision to the particular facts present in the case, leaving many questions unanswered regarding this…
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