修订后的统一有限责任公司法下的“新”受托标准:NCCUSL的更多底部碰撞

Rutheford B. Campbell
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The default standards themselves, which are likely to govern most situations, are inefficiently lax and limited, and the opt out provisions, which permit the parties within broad limits to re-make the default standards of care and loyalty, fail to facilitate fully informed bargaining between managers and investors respecting the nature of fiduciary duties, making it likely that parties will misperceive and misprice the fiduciary duties. See Rutheford B Campbell, Bumping Along the Bottom: Abandoned Principles and Failed Fiduciary Standards in Uniform Partnership and LLC Statutes (Apr. 6, 2007), available at SSRN: http://ssrn.com/abstract=978935. The recently promulgated Revised Uniform Limited Liability Company Act (RULLCA) offered NCCUSL the opportunity to begin to correct its past mistakes regarding the fiduciary duties applicable to managers of unincorporated business entities. Unfortunately, the Commissioners squandered this opportunity and, once again in RULLCA, enacted duties that are poorly designed and bound to lead to inefficient and unfair outcomes. Like the prior uniform acts, RULLCA's fiduciary provisions will facilitate managers' (or managing members') exploitation of information asymmetries and their desire and ability to construct and profit from inefficient, unfair management arrangements with the owners of LLCs. RULLCA contains many of the same misdirected fiduciary duty notions that plague its predecessor uniform acts, although the Commissioners in RULLCA did make a sensible adjustment to the duty of loyalty standards. Any progress in that regard, however, is more than offset by the adoption of the business judgment rule as a part of an awkward, statutory framework for RULLCA's duty of care. Incorporating the business judgment rule into RULLCA's standard of care will be confusing to LLC parties and to courts, which in turn will increase transaction costs and the probability of unexpected and unintended outcomes. Even more importantly, the adoption of a business judgment standard will reduce managers' (or managing members') standard of care to a level that is even more lax and inefficient than the present gross negligence standard that one finds in RUPA, ULPA (2001) and ULLCA. This situation will be made substantially worse if - as seems highly likely - courts interpreting RULLCA's business judgment standard turn for guidance to the common law of Delaware. Delaware jurisprudence on the matter of corporate fiduciary duties generally and the duty of care specifically is not only exceedingly confusing and unnecessarily complex but also overly lax, unduly pro-management and inefficient. 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引用次数: 1

摘要

1995年至2001年间,颇具影响力的全国统一州法委员会议(NCCUSL)颁布了《统一合伙法》(1997年)、《统一有限合伙法》(2001年)和《统一有限责任公司法》(1996年)。许多州立法机关通过了这些统一的法案,其中包含了基本相同的受托责任条款,而这些条款存在严重缺陷。这三个法案中的受托责任反映了一种有利于管理层的偏见,这种偏见促进了管理者在与实体投资者进行低效交易时的金钱利益。可能适用于大多数情况的默认标准本身是无效的松散和有限的,而允许各方在广泛限制范围内重新制定谨慎和忠诚的默认标准的选择退出条款,未能促进管理人员和投资者之间充分知情的谈判,尊重信托义务的性质,使各方有可能误解和错误定价信托义务。参见Rutheford B Campbell,《沿着底部颠簸:统一合伙和有限责任公司法规中被抛弃的原则和失败的信托标准》(2007年4月6日),可在SSRN: http://ssrn.com/abstract=978935。最近颁布的修订统一有限责任公司法(RULLCA)为NCCUSL提供了一个机会,开始纠正其过去在适用于非法人企业实体经理的信托义务方面的错误。不幸的是,委员们浪费了这个机会,并再次在RULLCA中制定了设计不良的关税,必然会导致效率低下和不公平的结果。与之前的统一法案一样,RULLCA的受托条款将促进管理者(或管理成员)利用信息不对称,以及他们与有限责任公司所有者建立低效、不公平管理安排并从中获利的愿望和能力。RULLCA包含了许多同样的误导信义义务概念,这些概念困扰着它的前身统一法案,尽管RULLCA的专员确实对忠诚义务标准做出了明智的调整。然而,在这方面取得的任何进展,都被采用商业判断规则作为RULLCA注意义务的尴尬法定框架的一部分所抵消。将商业判断规则纳入RULLCA的注意标准将使有限责任公司当事人和法院感到困惑,这反过来将增加交易成本和意外和非预期结果的可能性。更重要的是,商业判断标准的采用将把管理者(或管理成员)的谨慎标准降低到一个比目前在RUPA、ULPA(2001)和ULLCA中发现的严重疏忽标准更为宽松和低效的水平。如果法院解释RULLCA的商业判断标准转向特拉华州普通法的指导,这种情况将会变得更糟——这似乎是很有可能的。特拉华州在公司信义义务问题上的判例,特别是在注意义务问题上,不仅极其混乱和不必要的复杂,而且过于宽松,过于有利于管理层,效率低下。在这种环境下,在RULLCA下运营的有限责任公司的经理(或管理成员)可以享受默认规则,基本上使他们免于任何注意义务,并选择退出特权,这将进一步使他们能够与投资于其有限责任公司的人进行更低效和不公平的交易。这是一个具有一定经济重要性的问题。以前的统一法案的历史表明,许多州立法机构将考虑采用RULLCA,并将随着时间的推移为成千上万的非法人商业实体提供法律框架,这些实体是我们国民经济的重要组成部分。州立法机构在考虑《美国法律与环境保护法》时——希望在对法律改革感兴趣的律师和法律学者的协助和指导下——应该拒绝《美国法律与环境保护法》的信义义务标准,而采用一种促进公平和有效结果的信义义务制度。这反过来又要求各州采用充分知情的各方——有限责任公司所有者及其经理或管理成员——在大多数情况下会同意的注意义务和忠诚义务条款。各国还应调整《RULLCA》的选择退出条款,以促进各方在同意重新制定法定信义义务时充分了解情况。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The 'New' Fiduciary Standards under the Revised Uniform Limited Liability Company Act: More Bottom Bumping from NCCUSL
Between 1995 and 2001, the influential National Conference of Commissioners on Uniform State Laws (NCCUSL) promulgated the Uniform Partnership Act (1997) (RUPA), the Uniform Limited Partnership Act (2001) (ULPA (2001)) and the Uniform Limited Liability Company Act (1996) (ULLCA). Those uniform acts, which have been adopted by numerous state legislatures, contain essentially identical fiduciary duty provisions, and those provisions are badly flawed. Fiduciary duties in the three acts reflect a pro-management bias that facilitates managers' pecuniary interest in constructing inefficient transactions with the entity's investors. The default standards themselves, which are likely to govern most situations, are inefficiently lax and limited, and the opt out provisions, which permit the parties within broad limits to re-make the default standards of care and loyalty, fail to facilitate fully informed bargaining between managers and investors respecting the nature of fiduciary duties, making it likely that parties will misperceive and misprice the fiduciary duties. See Rutheford B Campbell, Bumping Along the Bottom: Abandoned Principles and Failed Fiduciary Standards in Uniform Partnership and LLC Statutes (Apr. 6, 2007), available at SSRN: http://ssrn.com/abstract=978935. The recently promulgated Revised Uniform Limited Liability Company Act (RULLCA) offered NCCUSL the opportunity to begin to correct its past mistakes regarding the fiduciary duties applicable to managers of unincorporated business entities. Unfortunately, the Commissioners squandered this opportunity and, once again in RULLCA, enacted duties that are poorly designed and bound to lead to inefficient and unfair outcomes. Like the prior uniform acts, RULLCA's fiduciary provisions will facilitate managers' (or managing members') exploitation of information asymmetries and their desire and ability to construct and profit from inefficient, unfair management arrangements with the owners of LLCs. RULLCA contains many of the same misdirected fiduciary duty notions that plague its predecessor uniform acts, although the Commissioners in RULLCA did make a sensible adjustment to the duty of loyalty standards. Any progress in that regard, however, is more than offset by the adoption of the business judgment rule as a part of an awkward, statutory framework for RULLCA's duty of care. Incorporating the business judgment rule into RULLCA's standard of care will be confusing to LLC parties and to courts, which in turn will increase transaction costs and the probability of unexpected and unintended outcomes. Even more importantly, the adoption of a business judgment standard will reduce managers' (or managing members') standard of care to a level that is even more lax and inefficient than the present gross negligence standard that one finds in RUPA, ULPA (2001) and ULLCA. This situation will be made substantially worse if - as seems highly likely - courts interpreting RULLCA's business judgment standard turn for guidance to the common law of Delaware. Delaware jurisprudence on the matter of corporate fiduciary duties generally and the duty of care specifically is not only exceedingly confusing and unnecessarily complex but also overly lax, unduly pro-management and inefficient. In such an environment, managers (or managing members) of LLCs operating under the RULLCA may enjoy default rules that essentially free them from any duty of care and opt out privileges that will further enable them to extract an even more inefficient and unfair bargain with those investing in their LLC. This is a matter of some economic importance. The history of prior uniform acts suggests that RULLCA will be considered for adoption by numerous state legislatures and will over time provide the statutory framework for literally thousands of unincorporated business entities that are a vital part of our national economy. State legislatures considering RULLCA - hopefully, assisted and guided by lawyers and legal academics interested in law reform - should reject RULLCA's fiduciary duty standards in favor of a fiduciary duty regime that promotes fair and efficient outcomes. This, in turn, requires that states adopt duty of care and duty of loyalty provisions that fully informed parties - the LLC owners and their or managers or managing members - would agree upon in most cases. States should also adjust RULLCA's opt out provisions in a way that promotes full information at the time the parties agree to re-make the statutory fiduciary duties.
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