Punitive Damages Waivers Enforceable in Bond Trustee Disputes; Terminated Trustees Retain Confidentiality Duties

In Preston Hollow Capital v. Truist Bank, the Texas Business Court held that the Trust Code does not bar enforcement of contractual punitive damages waivers in bond financing arrangements and that such waivers extend to related contracts within the same financing structure. The court further ruled that a trustee who resigns and is replaced must continue to protect confidential information obtained during the trust relationship, limiting discovery on post-termination breach claims.