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Commingling
In law, commingling is a breach of trust in which a fiduciary mixes funds held in care for a client with his own funds, making it difficult to determine which funds belong to the fiduciary and which belong to the client. This raises particular concerns where the funds are invested, and gains or losses from the investments must be allocated. In such circumstances, the law usually presumes that any gains run to the client and any losses run to the fiduciary who is guilty of commingling. As one source puts it, " a pejorative sense, commingling is the special vice of fiduciaries (trustee, agents, lawyers, etc.) in failing to keep a beneficiary's money separate from the fiduciary's own money". Commingling is particularly an issue in case of bankruptcy of the fiduciary. Funds held in care are not the fiduciary's property, and the client is not a creditor. So in case of bankruptcy, if the funds have been properly kept separate, they can easily be returned to the client. If, however, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disbarment
Disbarment, also known as striking off, is the removal of a lawyer from a bar association or the practice of law, thus revoking their law license or admission to practice law. Disbarment is usually a punishment for unethical or criminal conduct but may also be imposed for incompetence or incapacity. Procedures vary depending on the law society; temporary disbarment may be referred to as suspension. Australia In Australia, states regulate the Legal Profession under state law, despite many participating in a uniform scheme. Admission as a lawyer is the business of the admissions board and the Supreme Court. Disciplinary proceedings may be commenced by the Bar Association or the Law Society of which one is a member, or the board itself. Germany In Germany, a ''Berufsverbot'' is a ban on practicing a profession, which the government can issue to a lawyer for misconduct, ''Volksverhetzung'' or for serious mismanagement of personal finances. In April 1933, the Nazi government issue ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Piercing The Corporate Veil
Piercing the corporate veil or lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders. Usually a corporation is treated as a separate legal person, which is solely responsible for the debts it incurs and the sole beneficiary of the credit it is owed. Common law countries usually uphold this principle of separate personhood, but in exceptional situations may "pierce" or "lift" the corporate veil. A simple example would be where a businessman has left his job as a director and has signed a contract to not compete with the company he has just left for a period of time. If he sets up a company which competed with his former company, technically it would be the company and not the person competing. But it is likely a court would say that the new company was just a "sham" or a "cover"; and that as the new company is completely owned and controlled by one person that the former employee is deliberately ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recyclables
Recycling is the process of converting waste materials into new materials and objects. The recovery of energy from waste materials is often included in this concept. The recyclability of a material depends on its ability to reacquire the properties it had in its original state. It is an alternative to "conventional" waste disposal that can save material and help lower greenhouse gas emissions. It can also prevent the waste of potentially useful materials and reduce the consumption of fresh raw materials, reducing energy use, air pollution (from incineration) and water pollution (from landfilling). Recycling is a key component of modern waste reduction and is the third component of the "Reduce, Reuse, and Recycle" waste hierarchy. It promotes environmental sustainability by removing raw material input and redirecting waste output in the economic system. There are some ISO standards related to recycling, such as ISO 15270:2008 for plastics waste and ISO 14001:2015 for enviro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Burden Of Proof
In a legal dispute, one party has the burden of proof to show that they are correct, while the other party had no such burden and is presumed to be correct. The burden of proof requires a party to produce evidence to establish the truth of facts needed to satisfy all the required legal elements of the dispute. The burden of proof is usually on the person who brings a claim in a dispute. It is often associated with the Latin maxim ''semper necessitas probandi incumbit ei qui agit'', a translation of which is: "the necessity of proof always lies with the person who lays charges." In civil suits, for example, the plaintiff bears the burden of proof that the defendant's action or inaction caused injury to the plaintiff, and the defendant bears the burden of proving an affirmative defense. The burden of proof is on the prosecutor for criminal cases, and the defendant is presumed innocent. If the claimant fails to discharge the burden of proof to prove their case, the claim will be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Presumption
In the law of evidence, a presumption of a particular fact can be made without the aid of proof in some situations. The invocation of a presumption shifts the Legal burden of proof, burden of proof from one party to the opposing party in a court trial. There are two types of presumption: ''rebuttable presumption'' and ''conclusive presumption''. A rebuttable presumption is assumed true until a person proves otherwise (for example the presumption of innocence). In contrast, a conclusive (or irrebuttable) presumption cannot be refuted in any case (such as defense of infancy in some legal systems). Presumptions are sometimes categorized into two types: presumptions without basic facts, and presumptions with basic facts. In the United States, mandatory presumptions are impermissible in criminal cases, but permissible presumptions are allowed. An example of presumption without basic facts is presumption of innocence. An example of presumption ''with'' basic facts is Declared death in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Account
A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified in commonly understood types, such as deposit accounts, credit card accounts, Transaction account, current accounts, loan accounts or many other types of account. A customer may have more than one account. Once an account is opened, funds entrusted by the customer to the financial institution on deposit are recorded in the account designated by the customer. Funds can be withdrawn from loan loaders. The financial transactions which have occurred on a bank account within a given period of time are reported to the customer on a bank statement, and the balance of the accounts of a customer at any point in time is their financial position with the institution. Nature of a bank account In most legal s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inheritance
Inheritance is the practice of receiving private property, Title (property), titles, debts, entitlements, Privilege (law), privileges, rights, and Law of obligations, obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Officially bequest, bequeathing private property and/or debts can be performed by a testator via will (law), will, as attested by a notary or by other lawful means. Terminology In law, an ''heir'' is a person who is entitled to receive a share of the decedent, deceased's (the person who died) property, subject to the rules of inheritance in the jurisdiction of which the deceased was a citizen or where the deceased (decedent) died or owned property at the time of death. The inheritance may be either under the terms of a will or by intestate laws if the deceased had no will. However, the will must comply with the laws of the jurisdiction at the time it was created or it will be declared invalid ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small Business
Small businesses are types of corporations, partnerships, or sole proprietorships which have fewer employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy varies depending on the country and industry. Small businesses range from fifteen employees under the Australian ''Fair Work Act 2009'', fifty employees according to the definition used by the European Union, and fewer than five hundred employees to qualify for many U.S. Small Business Administration programs. While small businesses can also be classified according to other methods, such as annual revenues, shipments, sales, assets, or by annual gross or net revenue or net profits, the number of employees is one of the most widely used measures. Small businesses in many countries include service or retail operations such as convenience stores, small grocery stores, bakeries ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earnest Money
An earnest payment or earnest money is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction. In the Middle Ages, the earnest payment was called variously an earnest penny, Arles penny, or God's silver (in Latin Argentum Dei). It was either money or a valuable coin or token given to bind a bargain, notably for the purchase or hiring of a servant. According to Black's Law Dictionary (sixth ed.), ''Et cepit de praedicto Henrico tres denarios de Argento Dei prae manibus'' ("And he took it from the aforesaid Henry ealed by a silver three pence iece handed over n the sight ofGod"). A potential buyer of property of high value such as residential real estate generally signs a contract and pays a sum acceptable to the seller by way of earnest money. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Position Of Trust
A position of trust is any position that requires its holder to enjoy the trust of those who elected or chose the holder. It is often used in a more restricted sense defined by an organization or by legislation. One possible legal summary of a Position of Trust is a paid or volunteer position with one or more of the following responsibilities: access to vulnerable populations, property access, financial/fiduciary duty or executive positions. According to one common definition, it is any position that has responsibility for "cash, keys, or kids (minors)". The concept of "keys" refers to security, including IT security and management. According to another common definition, it is any position of authority over another person or within an organization, for example as a supervisor. Crimes committed by a person in a position of trust may be penalized more severely under the law, and those wishing to occupy positions of trust may be subject to special restrictions such as background c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
