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Totten Trust
A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the ''settlor'' or "grantor" of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust arises when a bank account is titled in the form " epositor in trust for eneficiary. Origin The name is derived from ''Matter of Totten'', 179 N.Y. 112 (1904), the case decided by the New York Court of Appeals which established the legality of this practice. Although this method of creating a trust did not meet the formal requirements of trust creation, or the testamentary formalities required to make a valid will, the Court noted that such an arrangement typically involved a small amount of money left by a person of modest means, who could not otherwise afford to establish a legal mechanism for passing the specified property. For th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Trust
An income trust is an investment that may hold equities, debt instruments, royalty interests or real properties. It is especially useful for financial requirements of institutional investors such as pension funds, and for investors such as retired individuals seeking yield. The main attraction of income trusts, in addition to certain tax preferences for some investors, is their stated goal of paying out consistent cash flows for investors, which is especially attractive when cash yields on bonds are low. Many investors are attracted by the fact that income trusts are not allowed to make forays into unrelated businesses; if a trust is in the oil and gas business, it cannot buy casinos or motion picture studios. The names ''income trust'' and '' income fund'' are sometimes used interchangeably even though most trusts have a narrower scope than funds. Income trusts are most commonly seen in Canada. The closest analogue in the United States to the business and royalty trusts would be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Settlor
In trust law, a settlor is a person who settles (i.e. gives into trust) their property for the benefit of the beneficiary. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. Where the trust is a testamentary trust, the settlor is usually referred to as the ''testator''. The settlor may also be the trustee of the trust (where he declares that he holds his own property on trusts) or a third party may be the trustee (where he transfers the property to the trustee on trusts). In the common law of England and Wales, it has been held, controversially, that where a trustee declares an intention to transfer trust property to a trust of which he is one of several trustees, that is a valid settlement notwithstanding the property is not vested in the other trustees. Capacity to be a trustee is generally co-extensive with the ability to hold and dispose of a legal or beneficial interest in property. In practice, special considerations aris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grantor
A grant, in law, is a transfer of property, generally from a person or other entity giving the property (the grantor) to a person or entity receiving the property (the grantee). Historically, a grant was a transfer by deed of that which could not be passed by livery, an act evidenced by letters patent under the Great Seal, granting something from the king to a subject, and a technical term made use of in deeds of conveyance of lands to import a transfer. Though the word "grant" was originally made use of, in treating of conveyances of interests in lands, to denote a transfer by deed of that which could not be passed by livery, and was applied only to incorporeal hereditaments, it became a generic term, applicable to the transfer of all classes of real property. As distinguished from a mere license, a grant passes some estate or interest, corporeal or incorporeal, in the lands which it embraces; can only he made by an instrument in writing, under seal; and is irrevocable, when m ... [...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 transaction A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, Service (economics), services, or assets for payment. Any transaction involves a change in the status of the finances of two or mo ...s 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, 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 the accounts in accordance with their terms and conditions. The financial transac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Case Citation
Case citation is a system used by legal professionals to identify past court case decisions, either in series of books called reporters or law reports, or in a neutral style that identifies a decision regardless of where it is reported. Case citations are formatted differently in different jurisdictions, but generally contain the same key information. A legal citation is a "reference to a legal precedent or authority, such as a case, statute, or treatise, that either substantiates or contradicts a given position." Where cases are published on paper, the citation usually contains the following information: * Court that issued the decision * Report title * Volume number * Page, section, or paragraph number * Publication year In some report series, for example in England, Australia and some in Canada, volumes are not numbered independently of the year: thus the year and volume number (usually no greater than 4) are required to identify which book of the series has the case report ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Court Of Appeals
The New York Court of Appeals is the supreme court, highest court in the Judiciary of New York (state), Unified Court System of the New York (state), State of New York. It consists of seven judges: the Chief Judge of the New York Court of Appeals, chief judge and six associate judges, who are appointed by the Governor of New York, governor and confirmed by the New York State Senate, state senate to 14-year terms. The chief judge of the Court of Appeals also heads administration of the state's court system, and thus is also known as the chief judge of the State of New York. The Court of Appeals was founded in 1847 and is located in the New York Court of Appeals Building in Albany, New York. Nomenclature New York uses an unusual nomenclature for its state courts. In the Federal judiciary of the United States, federal court system and in all other U.S. states, the court of last resort is known as the "Supreme Court". New York, however, calls its lower courts the "New York State Sup ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Will (law)
A will and testament is a legal document that expresses a person's (testator) wishes as to how their property ( estate) is to be distributed after their death and as to which person ( executor) is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy. Though it has been thought a "will" historically applied only to real property, while "testament" applied only to personal property (thus giving rise to the popular title of the document as "last will and testament"), records show the terms have been used interchangeably. Thus, the word "will" validly applies to both personal and real property. A will may also create a testamentary trust that is effective only after the death of the testator. History Throughout most of the world, the disposition of a dead person's estate has been a matter of social custom. According to Plutarch, the written will was invented by Solon. Originally ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court
A court is an institution, often a government entity, with the authority to adjudicate legal disputes between Party (law), parties and Administration of justice, administer justice in Civil law (common law), civil, Criminal law, criminal, and Administrative law, administrative matters in accordance with the rule of law. Courts generally consist of Judge, judges or other judicial officers, and are usually established and dissolved through legislation enacted by a legislature. Courts may also be established by constitution or an equivalent constituting instrument. The practical authority given to the court is known as its jurisdiction, which describes the court's power to decide certain kinds of questions, or Petition, petitions put to it. There are various kinds of courts, including trial courts, appellate courts, administrative courts, international courts, and tribunals. Description A court is any person or institution, often as a government institution, with the authori ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probate
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death. The granting of probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person's property under a will. A probate court decides the legal validity of a testator's (deceased person's) will and grants its approval, also known as granting probate, to the executor. The probated will then becomes a legal instrument that may be enforced by the executor in the law courts if necessary. A probate also officially appoints the executor (or personal representative), generally named in the will, as having legal power to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deposit Insurance
Deposit insurance, deposit protection or deposit guarantee is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance or deposit guarantee systems are one component of a financial system safety net that promotes financial stability. Process Banks are allowed (and usually encouraged) to lend or invest most of the money deposited with them instead of safe-keeping the full amounts (see fractional-reserve banking). If many of a bank's borrowers fail to repay their loans when due, the bank's creditors, including its depositors, risk loss. Because they rely on customer deposits that can be withdrawn on little or no notice, banks in financial trouble are prone to bank runs, where depositors seek to withdraw funds quickly ahead of a possible bank insolvency. Because banking institution failures have the potential to trigger a broad spectrum of harmful events, including ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lapse And Anti-lapse
Lapse and anti-lapse are complementary concepts under the US law of wills, which address the disposition of property that is willed to someone who dies before the testator (the writer of the will). Lapse At common law, lapse occurs when the beneficiary or the devisee under the will predeceases the testator, invalidating the gift. The gift would instead revert to the residuary estate or be granted under the law of intestate succession. If the deceased beneficiary was intended to inherit part or all of the residuary estate, then that portion of the estate would pass by intestate succession Intestacy is the condition of the estate (law), estate of a person who dies without a legally valid Will and testament, will, resulting in the distribution of their estate under statutory intestacy laws rather than by their expressed wishes. A ..., as though the testator had left no will. This rule is referred to as the doctrine of no residue of a residue, because the portion of the residu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an Land improvement, improvement or Fixture (property law), fixture) to be considered part of the real property, it must be integrated with or affixed to the land. This includes crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property, or personalty, was, and continues to be, all property that is not real property. In countries with personal ownership of real property, civil law (legal system), civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
