Kates v. Lifter

(specially concurring).

The trial court ruled that Howard Lucas, the trustee of the Bennett M. Lifter Amended and Restated Revocable Trust and the president and sole director of Bennett M. Lifter, Inc., may not proceed on behalf of either entity in either capacity from making “sweetheart” three percent loans of up to a million dollars each to the uncreditworthy appellants who are both beneficiaries of the trust and shareholders in the corporation. The merits of this conclusion, which are virtually self-evident, were not seriously challenged before us. Relying on Gettinger v. Gettinger, 165…