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Constructive Trust
In trust law, 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). In the United States (in contrast to England), a constructive trust remedy generally does not recognize or create any continuing fiduciary relationship — that is, a constructive trust is not actually a trust except in name. Rather, it is a fiction declaring that the plaintiff has equitable title to the property at issue, and ordering the defendant to transfer legal ownership and possession to the plaintiff. For instance, in some states the slayer rule is implemented in the form of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Law
A trust is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a designated person. In the English common law, the party who entrusts the property is known as the "settlor", the party to whom it 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 is known as the "corpus" or "trust property". A ''testamentary trust'' is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agent (law)
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal (commercial law), principal) to create legal relations with a third party. It may be referred to as the equal relationship between a principal and an agent whereby the principal, expressly or implicitly, authorizes the agent to work under their control and on their behalf. The agent is, thus, required to negotiate on behalf of the principal or bring them and third parties into contractual relationship. This branch of law separates and regulates the relationships between: * agents and principals (internal relationship), known as the principal-agent relationship; * agents and the third parties with whom they deal on their principals' behalf (external relationship); and * principals and the third parties when the agents deal. Concepts ... [...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 Authorised deposit-taking institution, 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 First Rudd Government, Rudd Government as an "unwieldy monster". Uses of trust money Trust money is held to cover the practitioner’s Costs (English law), 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 con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foskett V McKeown
is a leading case on the English law of trusts, concerning tracing and the availability of proprietary relief following a breach of trust. Facts In breach of trust, Mr Murphy took £20,440 from a company he controlled. Over 200 investors (including one Mr Foskett) had invested in the company for the purpose of buying land in the Algarve, Portugal. The land had been bought, but not developed as promised. Mr Murphy used the trust money to pay off the fourth and fifth instalments on his life insurance policy. He had already paid the first two or three premiums with his own money. Mr Murphy committed suicide. His children (the defendants) were paid the £1,000,000 under the insurance policy. Mr Foskett and the other investors (the claimants) sued the defendants, claiming a 40% share in the policy monies. The claimants argued they had a proprietary interest in the insurance monies: the insurance policy had been purchased using a proportion of misapplied trust funds. The defend ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FHR European Ventures LLP V Cedar Capital Partners LLC
is a landmark decision of the United Kingdom Supreme Court which holds that a bribe or secret commission accepted by an agent is held on trust for his principal. In so ruling, the Court partially overruled ''Sinclair Investments (UK) Ltd v Versailles Trade Finance Ltd'' (a decision of the Court of Appeal of England and Wales) in favour of '' The Attorney General for Hong Kong v Reid (New Zealand) (UKPC)'', a ruling from the Judicial Committee of the Privy Council on appeal from New Zealand. Facts ''Cedar Capital Partners LLC'' ("Cedar" or "the defendants") provided consultancy services to the hotel industry. Cedar agreed to act as the agent of FHR European Ventures LLP ("the Purchaser" or "FHR" or "the claimants") in negotiations for purchase of share capital in Monte Carlo Grand Hotel SAM from Monte Carlo Grand Hotel Ltd ("the Vendor" or "Monte Carlo"). * In September 2004, Cedar entered into an agreement with the Vendor which provided for the payment to Cedar of a €10m fee fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Supreme Court
The Supreme Court of the United Kingdom (initialism: UKSC) is the final court of appeal for all civil cases in the United Kingdom and all criminal cases originating in England, Wales and Northern Ireland, as well as some limited criminal cases from Scotland. Otherwise, the Court of Session is the supreme civil court of Scotland, and the High Court of Justiciary is the supreme criminal court, and are collectively known as the Supreme Courts of Scotland. As the United Kingdom's highest appellate court for these matters, it hears cases of the greatest public or constitutional importance affecting the whole population. Additionally the Supreme Court hears cases on devolution matters from Scotland, Wales and Northern Ireland. As a consequence, the court must include judges from the three distinct legal systems of the United Kingdom – England and Wales, Scotland and Northern Ireland, made up collectively of twelve Scottish, English, Welsh and Northern Irish judges. The Court ... [...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] |
Court Of Appeal Of England And Wales
The Court of Appeal (formally "His Majesty's Court of Appeal in England", commonly cited as "CA", "EWCA" or "CoA") is the highest court within the Senior Courts of England and Wales, and second in the legal system of England and Wales only to the Supreme Court of the United Kingdom. The Court of Appeal was created in 1875, and today comprises 39 Lord Justices of Appeal and Lady Justices of Appeal. The court has two divisions, Criminal and Civil, led by the Lady Chief Justice and the Master of the Rolls respectively. Criminal appeals are heard in the Criminal Division, and civil appeals in the Civil Division. The Criminal Division hears appeals from the Crown Court, while the Civil Division hears appeals from the County Court, High Court of Justice and Family Court. Permission to appeal is normally required from either the lower court or the Court of Appeal itself; and with permission, further appeal may lie to the Supreme Court. Its decisions are binding on all courts, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regal (Hastings) Ltd V Gulliver
{{Infobox court case , name = Regal (Hastings) Ltd v Gulliver , court = House of Lords , image = Weissenhorn Stadttheater.jpg , date decided = 20 February 1967 , full name = , citations = 9671 All ER 378, 9672 AC 134, 942UKHL 1 , judges = Viscount Sankey Lord Russell of Killowen Lord Macmillan Lord Wright Lord Porter , prior actions = , subsequent actions = , opinions = Lord Russell, Lord Wright , transcripts Full text of decision from BAILII.org, keywords = Conflict of interest, directors' duties, corporate opportunity ''Regal (Hastings) Ltd v Gulliver'' 9671 All ER 37 is a leading case in UK company law regarding the rule against directors and officers from taking personal advantage of a corporate opportunity in violation of their duty of loyalty to the company. The Court held that a director is in breach of his duties if he takes advantage of an opportunity that the corporation would otherwise be interested in but was unable to take advantage. However ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Secretary For Justice (Hong Kong)
The secretary for justice () is the head of the Hong Kong Department of Justice, the chief legal advisor to the chief executive of Hong Kong and the government, and the chief law enforcement officer of the Government of Hong Kong. Before the transfer of sovereignty over Hong Kong in 1997, the position was known as the Attorney-General of Hong Kong. The secretary for justice, nominated by the Chinese government on the advice of the chief executive, is an ''ex officio'' member of the Executive Council of Hong Kong. The secretary takes office after appointment by the Government of the People's Republic of China, which is responsible for Hong Kong's foreign affairs and defence. The secretary for justice also belongs to the Policy Committee, which is chaired by the chief secretary, The Office of the Secretary for Justice was established by the Hong Kong Basic Law, which guarantees the power of the Department of Justice to control criminal prosecutions free from any interference ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Zealand
New Zealand () is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and List of islands of New Zealand, over 600 smaller islands. It is the List of island countries, sixth-largest island country by area and lies east of Australia across the Tasman Sea and south of the islands of New Caledonia, Fiji, and Tonga. The Geography of New Zealand, country's varied topography and sharp mountain peaks, including the Southern Alps (), owe much to tectonic uplift and volcanic eruptions. Capital of New Zealand, New Zealand's capital city is Wellington, and its most populous city is Auckland. The islands of New Zealand were the last large habitable land to be settled by humans. Between about 1280 and 1350, Polynesians began to settle in the islands and subsequently developed a distinctive Māori culture. In 1642, the Dutch explorer Abel Tasman became the first European to sight and record New Zealand. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
