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Twyne's Case
''Twyne's case'' (1601) 76 ER 809; 3 Co. Rep. 80b is a UK insolvency law case, concerning a fraudulent conveyance. Representative of earlier English law, it was considered that any transfer of property from a debtor to a creditor, after which the debtor remained in possession of that property, was a fraudulent act intended to defraud creditors. At the time, the law only recognised the mortgage and the pledge. A charge on property in possession of another was not allowed. Facts Pierce, a farmer, owed Twyne of Hampshire £400. He also owed another creditor £200, and this creditor brought an action. While the writ was pending, Pierce sold his sheep to Twyne to pay off his debt. However, Pierce remained in possession of the sheep, marking and shearing them. At the other creditor's instance, the Sheriff of Southampton came to collect the sheep. Twyne and his acquaintances resisted this. Twyne argued that he was a bona fide purchaser for valuable, and not inadequate, consideration ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Star Chamber
The Star Chamber (Latin: ''Camera stellata'') was an English court that sat at the royal Palace of Westminster, from the late to the mid-17th century (c. 1641), and was composed of Privy Counsellors and common-law judges, to supplement the judicial activities of the common-law and equity courts in civil and criminal matters. It was originally established to ensure the fair enforcement of laws against socially and politically prominent people sufficiently powerful that ordinary courts might hesitate to convict them of their crimes. However, it became synonymous with social and political oppression through the arbitrary use and abuse of the power it wielded. In modern times, legal or administrative bodies with strict, arbitrary rulings, no "due process" rights to those accused, and secretive proceedings are sometimes metaphorically called "star chambers". Origin of the name The first reference to the "star chamber" is in 1398, as the ''Sterred chambre''; the more common form ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraudulent Conveyance
A fraudulent conveyance, or fraudulent transfer, is an attempt to avoid debt by transferring money to another person or company. It is generally a civil, not a criminal matter, meaning that one cannot go to jail for it, but in some jurisdictions there is potential for criminal prosecution. It is generally treated as a civil cause of action that arises in debtor/creditor relations, particularly with reference to insolvent debtors. The cause of action is typically brought by creditors or by bankruptcy trustees. Overview A transfer will be fraudulent if made with actual intent to hinder, delay, or defraud any creditor. Thus, if a transfer is made with the specific intent to avoid satisfying a specific liability, then actual intent is present. However, when a debtor prefers to pay one creditor instead of another, that is not a fraudulent transfer. There are two types of fraudulent transfer—''actual fraud'' and ''constructive fraud''. ''Actual fraud'' typically involves a debtor who ... [...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] |
Fraudulent Conveyance
A fraudulent conveyance, or fraudulent transfer, is an attempt to avoid debt by transferring money to another person or company. It is generally a civil, not a criminal matter, meaning that one cannot go to jail for it, but in some jurisdictions there is potential for criminal prosecution. It is generally treated as a civil cause of action that arises in debtor/creditor relations, particularly with reference to insolvent debtors. The cause of action is typically brought by creditors or by bankruptcy trustees. Overview A transfer will be fraudulent if made with actual intent to hinder, delay, or defraud any creditor. Thus, if a transfer is made with the specific intent to avoid satisfying a specific liability, then actual intent is present. However, when a debtor prefers to pay one creditor instead of another, that is not a fraudulent transfer. There are two types of fraudulent transfer—''actual fraud'' and ''constructive fraud''. ''Actual fraud'' typically involves a debtor who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debtor
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. If X borrowed money from their bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor. It is not a crime to fail to pay a debt. Except in certain bankruptcy situations, debtors can choose to pay debts in any priority they choose. But if one fails to pay a debt, they have broken a contract or agreement between them and a creditor. Generally, most oral and written agreements for the repayment of consumer debt - debts for personal, family or household purposes secured primarily by a person's residence - are enforceable. For the most part, debts that are business-related must be made in writi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creditor
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property and service. The second party is frequently called a debtor or borrower. The first party is called the creditor, which is the lender of property, service, or money. Creditors can be broadly divided into two categories: secured and unsecured. *A secured creditor has a security or charge over some or all of the debtor's assets, to provide reassurance (thus to ''secure'' him) of ultimate repayment of the debt owed to him. This could be by way of, for example, a mortgage, where the property represents the security. *An unsecured creditor does not have a charge over the debtor's assets. The term creditor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or " repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pledge (law)
A pledge is a bailment that conveys possessory title to property owned by a debtor (the ''pledgor'') to a creditor (the ''pledgee'') to secure repayment for some debt or obligation and to the mutual benefit of both parties. The term is also used to denote the property which constitutes the security. The pledge is a type of security interest. Pledge is the ''pignus'' of Roman law, from which most of the modern European-based law on the subject is derived, but is generally a feature of even the most basic legal systems. It differs from hypothecation and from the more usual mortgage in that the pledge is in the possession of the pledgee. It is similar, however, in that all three can apply to personal and real property. A pledge of personal property is known as a pawn and that of real property is called an antichresis. In earlier medieval law, especially in Germanic law, two types of pledge existed, being either possessory (cf. Old English ''wed'', Old French ''gage'', Old High Germ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hampshire
Hampshire (, ; abbreviated to Hants) is a ceremonial county, ceremonial and non-metropolitan county, non-metropolitan counties of England, county in western South East England on the coast of the English Channel. Home to two major English cities on its south coast, Southampton and Portsmouth, Hampshire is the 9th-most populous county in England. The county town of Hampshire is Winchester, located in the north of the county. The county is bordered by Dorset to the south-west, Wiltshire to the north-west, Berkshire to the north, Surrey to the north-east, and West Sussex to the south east. The county is geographically diverse, with upland rising to and mostly south-flowing rivers. There are areas of downland and marsh, and two national parks: the New Forest National Park, New Forest and part of the South Downs National Park, South Downs, which together cover 45 per cent of Hampshire. Settled about 14,000 years ago, Hampshire's recorded history dates to Roman Britain, when its chi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sheep
Sheep or domestic sheep (''Ovis aries'') are domesticated, ruminant mammals typically kept as livestock. Although the term ''sheep'' can apply to other species in the genus ''Ovis'', in everyday usage it almost always refers to domesticated sheep. Like all ruminants, sheep are members of the order Artiodactyla, the even-toed ungulates. Numbering a little over one billion, domestic sheep are also the most numerous species of sheep. An adult female is referred to as a ''ewe'' (), an intact male as a ''ram'', occasionally a ''tup'', a castrated male as a ''wether'', and a young sheep as a ''lamb''. Sheep are most likely descended from the wild mouflon of Europe and Asia, with Iran being a geographic envelope of the domestication center. One of the earliest animals to be domesticated for agricultural purposes, sheep are raised for fleeces, meat (lamb, hogget or mutton) and milk. A sheep's wool is the most widely used animal fiber, and is usually harvested by shearing. In Commonw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraudulent Conveyances Act 1571
The Fraudulent Conveyances Act 1571 (13 Eliz 1, c 5), also known as the Statute of 13 Elizabeth, was an Act of Parliament in England, which laid the foundations for fraudulent transactions to be unwound when a person had gone insolvent or bankrupt. In the United Kingdom, the provisions contained in the 1571 Act were replaced by Part IX of the Law of Property Act 1925, which has since been replaced by Part XVI of the Insolvency Act 1986. Text It is clear from the text of the statute that it was framed in a purposive manner. So if someone had the intention of defrauding a creditor, unless a transaction was made ''bona fide'' and for good consideration, it would be void. Historical background In 1571, Parliament enacted this statute to prohibit transfers intended to defraud creditors or impede their collection efforts. This statute, known as the Statute of 13 Elizabeth, was passed in response to the widespread use of fraudulent transactions to defeat creditors. Until the 1600s, En ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Property Law
English property law refers to the law of acquisition, sharing and protection of valuable assets in England and Wales. While part of the United Kingdom, many elements of Scots property law are different. In England, property law encompasses four main topics: *English land law, or the law of "real property" *English trusts law * English personal property law *United Kingdom intellectual property law Property in land is the domain of the law of real property. The law of personal property is particularly important for commercial law and insolvency. Trusts affect everything in English property law. Intellectual property is also an important branch of the law of property. For unregistered land see Unregistered land in English law. Real property *Statute of Quia Emptores 1290 *'' R v Earl of Northumberland'' (1568), known as the ''Case of mines'' *Law of Property Act 1925, Land Registration Act 1925 (see also, Land Registration Act 1862) *Land Registration Act 2002 and HM Land Re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
