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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] |
Prudent Man 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Trusts Law
United States trust law is the body of law regulating the legal instrument for holding wealth known as a trust. Most law regulating the creation and administration of trusts in the United States is now statutory at the state level. In August 2004, the National Conference of Commissioners on Uniform State Laws created the first attempt to codify generally accepted common law principles in Anglo-American law regarding trusts into a uniform statutory code for the fifty states, called the Uniform Trust Code (UTC). As of July 2012, 25 states have adopted some substantive form of the UTC with three others having introduced it into the legislature for adoption. The goal of the uniform law is to standardize the law of trusts to a greater extent, given their increased use as a substitute for the "last will and testament" as the primary estate planning mechanism for the affluent. Despite the uniform law, however, differences remain, as states still harbor rich differences in fiduciary law. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prudent Man 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harvard College
Harvard College is the undergraduate college of Harvard University, an Ivy League research university in Cambridge, Massachusetts. Founded in 1636, Harvard College is the original school of Harvard University, the oldest institution of higher learning in the United States and among the most prestigious in the world. Part of the Faculty of Arts and Sciences, Harvard College is Harvard University's traditional undergraduate program, offering AB and SB degrees. It is highly selective, with fewer than five percent of applicants being offered admission in recent years. Harvard College students participate in more than 450 extracurricular organizations and nearly all live on campus—first-year students in or near Harvard Yard, and upperclass students in community-oriented "houses". History The school came into existence in 1636 by vote of the Great and General Court of the Massachusetts Bay Colony—though without a single building, instructor, or student. In 1638, the colleg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Modern History
The term modern period or modern era (sometimes also called modern history or modern times) is the period of history that succeeds the Middle Ages (which ended approximately 1500 AD). This terminology is a historical periodization that is applied primarily to European and Western history. The modern era can be further divided as follows: * The early modern period lasted from c. AD 1500 to 1800 and resulted in wide-ranging intellectual, political and economic change. It brought with it the Age of Enlightenment, the Industrial Revolution and an Age of Revolutions, beginning with those in America and France and later spreading in other countries, partly as a result of upheavals of the Napoleonic Wars. * The late modern period began around 1800 with the end of the political revolutions in the late 18th century and involved the transition from a world dominated by imperial and colonial powers into one of nations and nationhood following the two great world wars, World War I and W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Massachusetts General Hospital
Massachusetts General Hospital (Mass General or MGH) is the original and largest teaching hospital of Harvard Medical School located in the West End neighborhood of Boston, Massachusetts. It is the third oldest general hospital in the United States and has a capacity of 999 beds. With Brigham and Women's Hospital, it is one of the two founding members of Mass General Brigham (formerly known as Partners HealthCare), the largest healthcare provider in Massachusetts. Massachusetts General Hospital houses the largest hospital-based research program in the world, the Mass General Research Institute, with an annual research budget of more than $1 billion in 2019. It is currently ranked as the #8 best hospital in the United States by '' U.S. News & World Report''. In , ''The Boston Globe'' ranked MGH the fifth best place to work out of Massachusetts companies with over 1,000 employees. History Founded in 1811, the original hospital was designed by the famous American architect Char ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boston Manufacturing Company
The Boston Manufacturing Company was a business that operated one of the first factories in America. It was organized in 1813 by Francis Cabot Lowell, a wealthy Boston merchant, in partnership with a group of investors later known as The Boston Associates, for the manufacture of cotton textiles. It built the first integrated spinning and weaving factory in the world at Waltham, Massachusetts, using water power. They used plans for a power loom that he smuggled out of England as well as trade secrets from the earlier horse-powered Beverly Cotton Manufactory, of Beverly, Massachusetts, of 1788. This was the largest factory in the U.S., with a workforce of about 300. It was a very efficient, highly profitable mill that, with the aid of the Tariff of 1816, competed effectively with British textiles at a time when many smaller operations were being forced out of business. While the Rhode Island System that followed was famously employed by Samuel Slater, the Boston Associates imp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merrimack Manufacturing Company
The Merrimack Manufacturing Company (also known as Merrimack Mills) was the first of the major textile manufacturing concerns to open in Lowell, Massachusetts, beginning operations in 1823. History After the death of Francis Cabot Lowell of the Boston Manufacturing Company, his associates (commonly referred to as the Boston Associates) began planning a larger operation in East Chelmsford, Massachusetts, along the Merrimack River. The Merrimack Manufacturing Company, modeled after the second Boston Manufacturing Company mill, was built concurrently with the necessary canals, machine shop, dyehouse, and boardinghouses for the operatives. The system of operation the company employed became known as the Lowell System. Initially capitalized with $600,000, its typical product was calico cloth. Situated at the foot of the Merrimack Canal, the original mills received the full 32' drop of the river. Closely associated with the Proprietors of Locks and Canals and at one point, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Trusts Law
English trust law concerns the protection of assets, usually when they are held by one party for another's benefit. Trusts were a creation of the English law of property and obligations, and share a subsequent history with countries across the Commonwealth and the United States. Trusts developed when claimants in property disputes were dissatisfied with the common law courts and petitioned the King for a just and equitable result. On the King's behalf, the Lord Chancellor developed a parallel justice system in the Court of Chancery, commonly referred as equity. Historically, trusts have mostly been used where people have left money in a will, or created family settlements, charities, or some types of business venture. After the Judicature Act 1873, England's courts of equity and common law were merged, and equitable principles took precedence. Today, trusts play an important role in financial investment, especially in unit trusts and in pension trusts (where trustees and fun ... [...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] |
Speight V Gaunt
''Speight v Gaunt'' 883UKHL 1is an English trusts law case, concerning the extent of the duty of care owed by a fiduciary. Facts Mr John Speight, a Bradford industrialist, had appointed Mr Isaac Gaunt and Mr Alfred Wilkinson as trustees for his estate in his will. The trustees employed a young broker, John Cooke, to invest £15,000 of the estate's money into company shares. The trustees gave over the money. The broker dishonestly took the money for himself, and gave excuses for the delays in getting the company shares. The truth only transpired when Cooke was declared bankrupt. The beneficiaries of Speight's trust sued Mr Gaunt for failing in his duty of care as a trustee. Judgment Court of Appeal Sir George Jessel MR held that because the trustee acted in the ordinary course of business, he was not liable to make good the loss occasioned by the embezzlement of the trust moneys by the broker. The key part of his judgment stated as follows. Lindley LJ and Bowen LJ gave concur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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] |
