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Purpose Trust
A purpose trust is a type of trust which has no beneficiaries, but instead exists for advancing some non-charitable purpose of some kind. In most jurisdictions, such trusts are not enforceable outside of certain limited and anomalous exceptions, but some countries have enacted legislation specifically to promote the use of non-charitable purpose trusts. Trusts for charitable purposes are also technically purpose trusts, but they are usually referred to simply as charitable trusts. People referring to purpose trusts are usually taken to be referring to non-charitable purpose trusts. Trusts which fail the test of charitable status usually fail as non-charitable purpose trusts, although there are certain historical exceptions to this, and some countries have modified the law in this regard by statute. The court will not usually validate non-charitable purpose trusts which fail by treating them as a power. In ''IRC v Broadway Cottages Trust'' 955Ch 20 the English Court of Appeal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Law
A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the "settlor", the party to whom the right is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the " beneficiary", and the entrusted property itself is known as the "corpus" or "trust property". A ''testamentary trust'' is created by a will and arises after the death of the settlor. An ''inter vivos trust'' is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; an irrevocable trust can be "broken" (revoked) only by a judicial proceeding. The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quistclose Trust
A ''Quistclose'' trust is a trust created where a creditor has lent money to a debtor for a particular purpose. If the debtor uses the money for any other purpose, then it is held on trust for the creditor. Any inappropriately spent money can then be traced, and returned to the creditors. The name and trust comes from the House of Lords decision in '' Barclays Bank Ltd v Quistclose Investments Ltd'' (1970), although the underlying principles can be traced back further. There has been much academic debate over the classification of ''Quistclose'' trusts in existing trusts law: whether they are resulting trusts, express trusts, constructive trusts or, as Peter Millett, Baron Millett, Lord Millett said in ''Twinsectra Ltd v Yardley'', illusory trusts. At least one textbook has been written dedicated solely to exploring issues around the true nature and classification of ''Quistclose'' trusts. Peter Millett, Baron Millett, Lord Millett, writing extra-judicially, has called the ''Q ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unincorporated Association
Unincorporated associations are one vehicle for people to cooperate towards a common goal. The range of possible unincorporated associations is nearly limitless, but typical examples are: :* An amateur football team who agree to hire a pitch once a week and split the cost. :* Residents of a street who agree to pay into a collective fund for street sweeping, etc. :* A co-operative. :* A trade union. :* A professional association. This article focuses on unincorporated associations in common law jurisdictions, such as the United Kingdom, Canada, and New Zealand. From a legal point of view, the most significant feature of an association is exactly that they are unincorporated: i.e., they lack legal personality. This is in contrast to some civil law jurisdictions, which confer legal personality on associations once they are suitably registered. Unincorporated associations are cheap and easy to form, requiring a bare minimum of formalities to bring them into existence. (Indeed, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trustee
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility to transfer the title of ownership to the person named as the new owner, in a trust instrument, called a beneficiary. A trustee can also be a person who is allowed to do certain tasks but not able to gain income, although that is untrue.''Black's Law Dictionary, Fifth Edition'' (1979), p. 1357, . Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government. A trust can be set up either to benefit particular persons, or for any charitable purposes (but not generally for non-charitable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Locus Standi
Locus (plural loci) is Latin for "place". It may refer to: Entertainment * Locus (comics), a Marvel Comics mutant villainess, a member of the Mutant Liberation Front * ''Locus'' (magazine), science fiction and fantasy magazine ** ''Locus Award'', presented to the winners of ''Locus'' magazine's annual readers' poll * ''Locus'' (video game), a 1995 video game by Zombie Studios * ''Locus'', a 2020 album by Satyr Computers and mathematics * Locus (mathematics), the set of points satisfying a particular condition, often forming a curve * LOCUS (operating system), a distributed OS developed at UCLA, notable for single-system image idea * Locus Computing Corporation (1982–1995), commercialized the LOCUS distributed operating system developed at UCLA * Locus Map, an Android navigation app using maps of various providers in online and offline mode * Locus Technologies (1997), an environmental software company that organizes data via the Internet * Root locus, a diagram visualizing th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protector (trust)
In trust law, a protector is a person appointed under the trust instrument to direct or restrain the trustees in relation to their administration of the trust. Historically, the concept of a protector developed in offshore jurisdictions where settlors were (perhaps understandably) concerned about appointing a trust company in a small, distant country as sole trustee of an offshore trust which is to hold a great deal of the settlor's wealth. However, protectors now form a part of mainstream tax planning in most jurisdictions which recognise trusts. There are a number of reasons that a settlor may wish to appoint a protector in relation to a trust: * protectors allow a great degree of flexibility when dealing with changes in circumstances, including both factual circumstances (death, premature divorce, previously unknown children) and legal changes (any legal changes, but most frequently changes to applicable revenue laws); * the settlor may be concerned that the trustee may not p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Instrument
A trust instrument (also sometimes called a deed of trust, where executed by way of deed) is an instrument in writing executed by a settlor used to constitute a trust law, trust. Trust instruments are generally only used in relation to an inter vivos trust, ''inter vivos'' trust; testamentary trusts are usually created under a will (law), will. Formalities Although in most legal systems there are certain formalities associated with settling a trust, most legal systems impose few, if any, structures on the trust instrument itself. Historically, the concept of a trust is the intervention of the courts of equity to prevent a legal owner treating the property as beneficially his own; provided that state of affairs exists, a trust arises notwithstanding any lack of formality in relation to the form of the trust instrument. However, notwithstanding the flexible approach taken by the law, characteristically the legal profession has taken an extremely formalised approach to trust instrum ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cayman Islands
The Cayman Islands () is a self-governing British Overseas Territory—the largest by population in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the south of Cuba and northeast of Honduras, between Jamaica and Mexico's Yucatán Peninsula. The capital city is George Town on Grand Cayman, which is the most populous of the three islands. The Cayman Islands is considered to be part of the geographic Western Caribbean Zone as well as the Greater Antilles. The territory is a major world offshore financial centre for international businesses and wealthy individuals, largely as a result of the state not charging taxes on any income earned or stored. With a GDP per capita of $91,392, the Cayman Islands has the highest standard of living in the Caribbean. Immigrants from over 130 countries and territories reside in the Cayman Islands. History No archaeological evidence for an indigenous ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Virgin Islands
) , anthem = "God Save the King" , song_type = Territorial song , song = "Oh, Beautiful Virgin Islands" , image_map = File:British Virgin Islands on the globe (Americas centered).svg , map_caption = , mapsize = 290px , image_map2 = British Virgin Islands - Location Map (2013) - VGB - UNOCHA.svg , mapsize2 = 250px , subdivision_type = Sovereign state , subdivision_name = , established_title = , established_date = Dutch West Indies , established_title2 = British capture , established_date2 = 1672 , established_title3 = Cooper Island (British Virgin Islands), Cooper Island sold to UK , established_date3 = 1905 , established_title4 = Separate colony , established_date4 = 1960 , established_title5 = Autonomy , established_date5 = 1967 , official_languages = North American English, English , demonym = , capital = Road Town , coordinates = , largest_city = capital , ethnic_groups = 76.9% Black people, Black5.6% Hispanic5.4% White people, White5.4% Multirac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bermuda
) , anthem = "God Save the King" , song_type = National song , song = " Hail to Bermuda" , image_map = , map_caption = , image_map2 = , mapsize2 = , map_caption2 = , subdivision_type = Sovereign state , subdivision_name = , established_title2 = English settlement , established_date2 = 1609 (officially becoming part of the Colony of Virginia in 1612) , official_languages = English , demonym = Bermudian , capital = Hamilton , coordinates = , largest_city = Hamilton , ethnic_groups = , ethnic_groups_year = 2016 , government_type = Parliamentary dependency under a constitutional monarchy , leader_title1 = Monarch , leader_name1 = Charles III , leader_title2 = Governor , leader_name2 = Rena Lalgie , leader_title3 = Premier , leader_name3 = Edward David Burt , legislature = Parliament , upper_house = Senate , lower_house = House of Assembly , area_km2 = 53.2 , area_sq_mi = 20.54 , area_rank = , percent_water = 27 , elevation_max_m = 79 , ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bahamas
The Bahamas (), officially the Commonwealth of The Bahamas, is an island country within the Lucayan Archipelago of the West Indies in the Atlantic Ocean, North Atlantic. It takes up 97% of the Lucayan Archipelago's land area and is home to 88% of the archipelago's population. The archipelagic state consists of more than 3,000 islands, cays, and islets in the Atlantic Ocean, and is located north of Cuba and northwest of the island of Hispaniola (split between the Dominican Republic and Haiti) and the Turks and Caicos Islands, southeast of the U.S. state of Florida, and east of the Florida Keys. The capital is Nassau, Bahamas, Nassau on the island of New Providence. The Royal Bahamas Defence Force describes The Bahamas' territory as encompassing of ocean space. The Bahama Islands were inhabited by the Lucayan people, Lucayans, a branch of the Arawakan-Taino language, speaking Taíno, for many centuries. Christopher Columbus was the first European to see the islands, making hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common Law
In law, common law (also known as judicial precedent, judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions."The common law is not a brooding omnipresence in the sky, but the articulate voice of some sovereign or quasi sovereign that can be identified," ''Southern Pacific Company v. Jensen'', 244 U.S. 205, 222 (1917) (Oliver Wendell Holmes, dissenting). By the early 20th century, legal professionals had come to reject any idea of a higher or natural law, or a law above the law. The law arises through the act of a sovereign, whether that sovereign speaks through a legislature, executive, or judicial officer. The defining characteristic of common law is that it arises as precedent. Common law courts look to the past decisions of courts to synthesize the legal principles of past cases. '' Stare decisis'', the principle that cases should be decided according to consistent principled rules so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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