A recent judgment for partial dismissal by the United States District Court for the Middle District of Tennessee reinforces that a bank, when serving as a depository of fiduciary funds, may be shielded from liability for the fiduciary’s misconduct by the powerful protections of Tennessee’s Uniform Fiduciaries Act (the “UFA”).
USA, Tennessee, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Fraud, Fiduciary, Negligence, Legal burden of proof, Bad faith