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Belchier V Parsons
''Belchier v Parsons'' (1754) 96 ER 908 is an English trusts law case, which stands as one of the earliest formulations of the prudent person rule. Facts Mr Holden had gone bankrupt, owing money to a range of creditors. Mrs Parsons was chosen as an assignee of the bankrupt estate, and she employed a broker, Mr Wigan, to sell off the assets (including a large quantity of tobacco) at public auction, and recover money for them. Mr Wigan did recover money, however fell sick and died ten days afterwards. It transpired that he was also bankrupt, and not enough to repay his own creditors. He had only paid over a small share of the proceeds from the tobacco sale to Mrs Parsons. The creditors of Mr Holden therefore sued Mrs Parsons, alleging that she should be liable for negligence in employing such a broker. The Attorney General, Solicitor General, Mr Wilbraham speaking for Mrs Parsons pleaded that she should only be liable for the money that she had received, because Mr Wigan had been ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Hardwicke LC
Philip Yorke, 1st Earl of Hardwicke, (1 December 16906 March 1764) was an English lawyer and politician who served as Lord High Chancellor of Great Britain. He was a close confidant of the Duke of Newcastle, Prime Minister between 1754 and 1756 and 1757 until 1762. Background A son of Philip Yorke, an attorney, he was born at Dover. Through his mother, Elizabeth, daughter and co-heiress of Richard Gibbon of Rolvenden, Kent, he was connected with the family of Edward Gibbon the historian. He was educated at a school in Bethnal Green run by Samuel Morland, a nonconformist. At age 16, Yorke entered the attorney's office of Charles Salkeld in Holborn, London. He was entered at the Middle Temple in November 1708, and perhaps recommended by his employer to Lord Chief Justice Parker as law tutor to his sons. In 1715, Yorke was called to the bar, where his progress was, says Lord Campbell, more rapid than that of any other debutant in the annals of our profession, his advance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prudent Man
The prudent man rule is based on common law stemming from the 1830 Massachusetts court formulation, '' Harvard College v. Amory'' The prudent man rule, written by Massachusetts Justice Samuel Putnam (1768-1853), directs trustees "to observe how men of prudence, discretion and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital to be invested." Under the prudent man rule, when the governing trust instrument is silent concerning the types of investments permitted, the fiduciary is required to invest trust assets as a " prudent man" would invest his own property with the following factors in mind: *the needs of beneficiaries; *the need to preserve the estate (or corpus of the trust); and *the amount and regularity of income. The application of these general principles depends on the type of account administered. The prudent man ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Trusts Case Law
English usually refers to: * English language * English people English may also refer to: Peoples, culture, and language * ''English'', an adjective for something of, from, or related to England ** English national identity, an identity and common culture ** English language in England, a variant of the English language spoken in England * English languages (other) * English studies, the study of English language and literature * ''English'', an Amish term for non-Amish, regardless of ethnicity Individuals * English (surname), a list of notable people with the surname ''English'' * People with the given name ** English McConnell (1882–1928), Irish footballer ** English Fisher (1928–2011), American boxing coach ** English Gardner (b. 1992), American track and field sprinter Places United States * English, Indiana, a town * English, Kentucky, an unincorporated community * English, Brazoria County, Texas, an unincorporated community * Eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Learoyd V Whiteley
is an English trusts law case, concerning the duty of care owed by a trustee when exercising the power of investment. Facts Elizabeth Whiteley and her children sued the executors of Benjamin Whiteley's will (of 19 March 1874). The will contained a power to invest the fund on certain investments, including “real securities in England or Wales.” £5000 of the trust money had been lost. £3000 was invested in a mortgage at 5% return in the freehold of a ten-acre brick field near Pontefract, “with the engine-house, sheds, brick and pipe kilns, and buildings thereon, and all fixtures and fittings thereon.” £2000 was invested on mortgages at 5% in four small freehold houses, including a shop, in Salford, Lancashire. The brickfield owners went bankrupt in October 1884 and the owner of the four houses filed for petition for liquidation. There was insufficient money to pay the trust fund. Judgments Chancery Court Bacon VC held in the Chancery Court that the brickfield investme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harvard College V Armory
''Harvard College v Amory'' (1830) 26 Mass (9 Pick) 446 is a US trusts law case, which repeated the famous formulation of the "prudent man rule", that people in charge of other people's money must exercise due care and skill, and look after the money as if it were their own. Facts John McLean died on 23 October 1823, and in his will he left $35,000, some personal property and a house to his wife, Ann McLean. He also left $50,000 to Jonathan Amory and Francis Amory in trust to loan or invest "in safe and productive stock, either in the public funds, bank shares, or other stock, according to their best judgment and discretion." The proceeds from the investments were to be paid to his wife, in quarterly or semi annual payments. On her death, half the value of the fund was to go to the President and Fellows of Harvard College, to "be exclusively and forever appropriated to the support of a professor of ancient and modern history, at that college." The other money was to go to the Trust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Insolvency Law
United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006. "Insolvency" means being unable to pay debts. Since the Cork Report of 1982, the modern policy of UK insolvency law has been to attempt to rescue a company that is in difficulty, to minimise losses and fairly distribute the burdens between the community, employees, creditors and other stakeholders that result from enterprise failure. If a company cannot be saved it is "liquidated", so that the assets are sold off to repay creditors according to their priority. The main sources of law include the Insolvency Act 1986, the Insolvency Rules 1986 (replaced in England and Wales from 6 April 2017 by the Insolvency Rules (England and Wales) 2016 – see below), the Company Directors Disqualification Act 1986, the Employment Rig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Bankruptcy Law
Bankruptcy in the United Kingdom is divided into separate local regimes for England and Wales, for Northern Ireland, and for Scotland. There is also a UK insolvency law which applies across the United Kingdom, since bankruptcy refers only to insolvency of individuals and partnerships. Other procedures, for example administration and liquidation, apply to insolvent companies. However, the term 'bankruptcy' is often used when referring to insolvent companies in the general media. Bankruptcy in England and Wales In England and Wales, bankruptcy is governed by Part IX of the Insolvency Act 1986 (as amended) and by the Insolvency Rules 1986 (as amended). The term bankruptcy applies only to individuals, not to companies or other legal entities. An individual may be made bankrupt only by court order following the presentation of a bankruptcy petition. An individual may present his own petition on the ground that he is insolvent, i.e. unable to pay his debts. A creditor or creditors may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Talbot
Baron Talbot is a title that has been created twice. The title was created first in the Peerage of England. On 5 June 1331, Sir Gilbert Talbot was summoned to Parliament, by which he was held to have become Baron Talbot. The title Lord Talbot, Baron of Hensol, in the County of Glamorgan, was created in the Peerage of Great Britain in 1733 for Charles Talbot, a descendant of John Talbot, 2nd Earl of Shrewsbury (the 8th Baron of the first creation), the Earl Talbot. Barons Talbot (1331) Gilbert Talbot (1276–1346), Lord Chamberlain of the Household to King Edward III, was summoned to Parliament as Lord Talbot in 1331, which is accepted as evidence of his baronial status at that date. Ancestry He was descended from Richard Talbot, a tenant in 1086 of Walter Giffard at Woburn and Battledsen in Bedfordshire. The Talbot family were vassals of the Giffards in Normandy. Hugh Talbot, probably his son, made a grant to Beaubec Abbey, confirmed by his son Richard Talbot in 1153. This Ri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Shaftesbury
Earl of Shaftesbury is a title in the Peerage of England. It was created in 1672 for Anthony Ashley-Cooper, 1st Baron Ashley, a prominent politician in the Cabal then dominating the policies of King Charles II. He had already succeeded his father as second Baronet of Rockbourne in 1631 and been created Baron Ashley, of Wimborne St Giles in the County of Dorset, in 1661, and he was made Baron Cooper, of Paulett in the County of Somerset, at the same time he was given the earldom. These titles are also in the Peerage of England. Baron Ashley is used as a courtesy title by the Earl's eldest son and heir apparent. The Baronetcy, of Rockbourne in the County of Southampton, was created in the Baronetage of England in 1622 for the Earl's father John Cooper. He sat as Member of Parliament for Poole. History The first Earl was succeeded by his son, Anthony Ashley-Cooper, 2nd Earl of Shaftesbury. He represented Melcombe Regis and Weymouth in the House of Commons. His son, Anthony As ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord C
Lord is an appellation for a person or deity who has authority, control, or power over others, acting as a master, chief, or ruler. The appellation can also denote certain persons who hold a title of the peerage in the United Kingdom, or are entitled to courtesy titles. The collective "Lords" can refer to a group or body of peers. Etymology According to the Oxford Dictionary of English, the etymology of the word can be traced back to the Old English word ''hlāford'' which originated from ''hlāfweard'' meaning "loaf-ward" or "bread-keeper", reflecting the Germanic tribal custom of a chieftain providing food for his followers. The appellation "lord" is primarily applied to men, while for women the appellation "lady" is used. This is no longer universal: the Lord of Mann, a title previously held by the Queen of the United Kingdom, and female Lords Mayor are examples of women who are styled as "Lord". Historical usage Feudalism Under the feudal system, "lord" had a wide ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crassa Negligentia
Gross negligence is the "lack of slight diligence or care" or "a conscious, voluntary act or omission in reckless disregard of a legal duty and of the consequences to another party." In some jurisdictions a person injured as a result of gross negligence may be able to recover punitive damages from the person who caused the injury or loss. Negligence is the opposite of diligence, or being careful. The standard of ordinary negligence is what conduct deviates from the proverbial "reasonable person". By extension, if somebody has been grossly negligent, that means they have fallen so far below the ordinary standard of care that one can expect, to warrant the label of being "gross". Gross negligence may thus be described as reflecting "the want of even slight or scant care", falling below the level of care that even a careless person would be expected to follow. While some jurisdictions equate the culpability of gross negligence with that of recklessness, most differentiate it from sim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prudent Person Rule
The prudent man rule is based on common law stemming from the 1830 Massachusetts court formulation, ''Harvard College v. Amory'' The prudent man rule, written by Massachusetts Justice Samuel Putnam (1768-1853), directs trustees "to observe how men of prudence, discretion and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income, as well as the probable safety of the capital to be invested." Under the prudent man rule, when the governing trust instrument is silent concerning the types of investments permitted, the fiduciary is required to invest trust assets as a "prudent man" would invest his own property with the following factors in mind: *the needs of beneficiaries; *the need to preserve the estate (or corpus of the trust); and *the amount and regularity of income. The application of these general principles depends on the type of account administered. The prudent man ru ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
