Sterling Trust Co. v. Adderley, 168 S.W.3d 835 (Tex. 2005).
In a complex securities fraud case, the Supreme Court of Texas
addressed the propriety of a jury instruction regarding breach of
fiduciary duty under former Trust Code § 113.059. The instruction failed
to reflect the possibility that the standard of care may be modified by
agreement. Because the instruction did not account for contractual
modifications, the court determined it was overly broad and consequently
defective.
Moral: Within statutorily-defined parameters now found in Trust Code §
111.0035, the settlor may modify the trustee’s fiduciary duties.