Opinion ID: 1441469
Heading Depth: 1
Heading Rank: 2

Heading: Claims of Appellants

Text: Stegemeier and Mulrooney, plaintiffs below-appellants, assert error on four issues. First, they claim that the appropriate method to determine the existence of self-dealing by a trustee is whether the fiduciary had a personal interest in the transaction. They, therefore, argue that the trial court erred in finding that Donald L. Magness did not commit a breach of fiduciary duty because he was not on both sides of the transaction. Second, they argue that the trial court improperly applied the fiduciary principles of corporate law instead of the principles of trust law in finding that Anne Magness as co-administrator did not engage in self-dealing because the co-administrator, Mr. Allmond, who joined in the deed, was disinterested in the transaction. Third, they argue that even if corporate fiduciary principles apply, the court incorrectly found that Mr. Allmond was a disinterested co-fiduciary because he represented the estate and Magness Builders, Inc. in the real estate transactions. Lastly, Stegemeier and Mulrooney contend that by granting partial-summary judgment to the defendants, the Court of Chancery erred in finding that Stegemeier and Mulrooney had no standing to claim the profits earned by Anne and Donald from their self-dealing because Anne was the sole income beneficiary of the trust in question.