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Constructive Trust
A constructive trust is an equitable remedy imposed by a court to benefit a party that has been wrongfully deprived of its rights due to either a person obtaining or holding a legal property right which they should not possess due to unjust enrichment or interference, or due to a breach of fiduciary duty, which is intercausative with unjust enrichment and/or property interference. It is a type of implied trust (''i.e.'', it is created by conduct, not explicitly by a settlor). Definition Constructive trusts are imposed by operation of law. They are also referred to as implied trusts. They are not subject to formality requirements. Unlike a resulting trust, which also arises by operation of law, a constructive trust does not give effect to the imputed/presumed intention of the parties. Instead, constructive trusts are largely said to be triggered by unconscionability. This is the idea that a defendant would be unjustly enriched if they were allowed to keep property for themselves ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equitable Remedy
Equitable remedies are judicial remedies developed by courts of equity from about the time of Henry VIII to provide more flexible responses to changing social conditions than was possible in precedent-based common law. Equitable remedies were granted by the Court of Chancery in England, and remain available today in most common law jurisdictions. In many jurisdictions, legal and equitable remedies have been merged and a single court can issue either, or both, remedies. Despite widespread judicial merger, the distinction between equitable and legal remedies remains relevant in a number of significant instances. Notably, the United States Constitution's Seventh Amendment preserves the right to a jury trial in civil cases over $20 to cases "at common law". Equity is said to operate on the conscience of the defendant, so an equitable remedy is always directed at a particular person, and that person's knowledge, state of mind and motives may be relevant to whether a remedy should be gr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sinclair Investments (UK) Ltd V Versailles Trade Finance Ltd
is an English trusts law case, concerning constructive trusts. ''Sinclair'' ([insofar] as it relied on or followed ''Heiron'' and ''Lister'') was partially overruled in July 2014 by the Supreme Court of the United Kingdom, UK Supreme Court in ''FHR European Ventures LLP v Cedar Capital Partners LLC''. Facts Between 1995 and 1999 various investors, including Sinclair Investments (UK) Ltd, paid money to Trading Partners Ltd to carry out trades in goods. Mr Cushnie was the director, transferred the money to another company he owned called Versailles Trade Finance Ltd, which was meant to engage in the factoring business. Instead, Versailles fraudulently used the money partly simply to pay ‘profits’ to traders, but also was stolen by Mr Clough, or circulated around other companies so as to appear that genuine business was taking place. Mr Cushnie sold his shares for £28.69m in 1999. Of this money, £9.19m went to the Versailles group, £1m to Mr Clough, £1.75m to traders, £2.25 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Court Of Australia
The High Court of Australia is Australia's apex court. It exercises Original jurisdiction, original and appellate jurisdiction on matters specified within Constitution of Australia, Australia's Constitution. The High Court was established following passage of the ''Judiciary Act 1903''. It derives its authority from Chapter III of the Australian Constitution, which vests it responsibility for the judiciary, judicial power of the Commonwealth. Important legal instruments pertaining to the High Court include the ''Judiciary Act 1903'' and the ''High Court of Australia Act 1979''.. Its bench is composed of seven justices, including a Chief Justice of Australia, Chief Justice, currently Susan Kiefel. Justices of the High Court are appointed by the Governor-General of Australia, Governor-General on the Advice (constitutional law), advice of the Prime Minister of Australia, Prime Minister and are appointed permanently until their mandatory retirement at age 70, unless they retire ea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
De Facto
''De facto'' ( ; , "in fact") describes practices that exist in reality, whether or not they are officially recognized by laws or other formal norms. It is commonly used to refer to what happens in practice, in contrast with ''de jure'' ("by law"), which refers to things that happen according to official law, regardless of whether the practice exists in reality. History In jurisprudence, it mainly means "practiced, but not necessarily defined by law" or "practiced or is valid, but not officially established". Basically, this expression is opposed to the concept of "de jure" (which means "as defined by law") when it comes to law, management or technology (such as standards) in the case of creation, development or application of "without" or "against" instructions, but in accordance with "with practice". When legal situations are discussed, "de jure" means "expressed by law", while "de facto" means action or what is practiced. Similar expressions: "essentially", "unofficial", "in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Muschinski V Dodds
''Muschinski v Dodds'',. was a significant Australian court case, decided by the High Court of Australia on 6 December 1985. The case was part of a trend of High Court decisions to impose a constructive trust where it would be unconscionable for a legal owner of property to deny the beneficial interests of another. In this case the Court held it would be unconscionable for Mr Dodds to retain a half share of the property without first accounting for the purchase price paid by Ms Muschinski. Background Facts Ms Muschinski and Mr Dodds were in a ''de facto relationship''. In 1976 they purchased a property in Picton as tenants in common, intending to develop and use the property. Ms Muschinski paid the purchase price while Mr Dodds was going to renovate the cottage and to pay for a kit house. The development did not go ahead and the couple separated. Prior actions Ms Muschinski commenced proceedings in the Supreme Court of NSW seeking a de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Westdeutsche Landesbank Girozentrale V Islington London Borough Council
is a leading English trusts law case concerning the circumstances under which a resulting trust arises. It held that such a trust must be intended, or must be able to be presumed to have been intended. In the view of the majority of the House of Lords, presumed intention to reflect what is conscionable underlies all resulting and constructive trusts. The decision was arguably the most significant of all of the local authorities swaps litigation cases. Facts The Westdeutsche Landesbank Girozentrale sued Islington LBC for the return of £1,145,525, which included compound interest, as money that it had paid under an interest rate swap agreement with the council. Interest rate swap agreements had been declared by the House of Lords, a few years earlier in ''Hazell v Hammersmith and Fulham LBC'', to be ''ultra vires'' and void because they exceeded councils' borrowing powers under the Local Government Act 1972. The council accepted that it should repay the money it had received ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irvine Goulding
Sir Ernest Irvine Goulding (1 May 1910 - 13 January 2000)https://www.society.caths.cam.ac.uk/Public_Magazines/2000r.pdf was an English barrister and High Court judge between 1971 and 1985. He was one of the first members of Wilberforce Chambers. Biography Goulding was educated at the Merchant Taylors' School and St Catharine's College, Cambridge. Cases Important decisions which Goulding J handed down included: * '' Patel v Ali'' 985Ch 283 - on specific performance for breach of contract * '' Sky Petroleum Ltd v VIP Petroleum Ltd'' 9741 WLR 576 – also on specific performance * ''Mutual Life Insurance Co of New York v Rank Organisation Ltd'' 985BCLC 11 – on unfair prejudice * ''Chase Manhattan Bank NA v Israel-British Bank (London) Ltd'' 981Ch 105 – arguable his most famous decision, on tracing through international bank settlement systems – the decision has been subject to "sustained, authoritative criticism." * ''Oppenheimer v Cattermole'' 976AC 249 - Goulding J had ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chase Manhattan Bank NA V Israel-British Bank (London) Ltd
''Chase Manhattan Bank NA v Israel-British Bank (London) Ltd'' 981Ch 105 is an English trusts law case, concerning constructive trusts. It held that a trust arose to protect a payment made under a mistake, with the benefit of a proprietary remedy. This is seen important for the question of what response, personal or proprietary, may come from a claim in unjust enrichment. As a matter of the conflict of laws, the court held that New York law was the proper law to determine if the payor retained an equitable interest in the sums paid by mistake, and that this was a substantive rule rather than a procedural one. The decision in the case has been subjected to "sustained, authoritative criticism", both academically and judicially. Facts Chase Manhattan was instructed to pay $2m to the Israel-British Bank, but it paid the sum twice by mistake. The Israel-British Bank subsequently became insolvent and entered into liquidation after Yehoshua Ben-Zion, the managing director, was c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equitable Lien
A lien ( or ) is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the ''lienee'' and the person who has the benefit of the lien is referred to as the ''lienor'' or ''lien holder''. The etymological root is Anglo-French ''lien'', ''loyen'' "bond", "restraint", from Latin ''ligamen'', from ''ligare'' "to bind". In the United States, the term lien generally refers to a wide range of encumbrances and would include other forms of mortgage or charge. In the US, a lien characteristically refers to '' nonpossessory'' security interests (see generally: ). In other common-law countries, the term lien refers to a very specific type of security interest, being a passive right to retain (but not sell) property until the debt or other obligation is discharged. In contrast to the usage of the term in the US, in other countries it refers to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Lords
The House of Lords, also known as the House of Peers, is the Bicameralism, upper house of the Parliament of the United Kingdom. Membership is by Life peer, appointment, Hereditary peer, heredity or Lords Spiritual, official function. Like the House of Commons of the United Kingdom, House of Commons, it meets in the Palace of Westminster in London, England. The House of Lords scrutinises Bill (law), bills that have been approved by the House of Commons. It regularly reviews and amends bills from the Commons. While it is unable to prevent bills passing into law, except in certain limited circumstances, it can delay bills and force the Commons to reconsider their decisions. In this capacity, the House of Lords acts as a check on the more powerful House of Commons that is independent of the electoral process. While members of the Lords may also take on roles as government ministers, high-ranking officials such as cabinet ministers are usually drawn from the Commons. The House of Lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses. Life policies are legal contracts and the terms of each contract describe the limitations of the insured events. Often, specific exclusions written into the contract limit the liability of the insurer; common examples include claims relating to suicide, fraud, war, riot, and civil commotion. Difficulties may arise where an event is not clearly defined, for example, the insured knowingly incurred a risk by consenting to an experimental m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Money
In Australia, trust money in the legal industry is the money a law practice holds on behalf of a client or other people in the course of, or in connection with, the provision of legal services. Trust money is required to be held by a law firm on a client's behalf in a trust account with a bank and is highly regulated. A lawyer or law firm should not appropriate a client's trust money until certain regulations are met, which are different for each state in Australia. The Australian system regulating lawyers and their trust accounts has been labeled by the Rudd Government as an "unwieldy monster". Uses of trust money Trust money is held to cover the practitioner’s fees and disbursements over a period of time and may be required to be topped up as a matter progresses. Regulations for handling trust money in Australia The accounting of trust money is highly regulated and even though the money is controlled by the law practice the money still belongs to the client until such time a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
