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Tracing (law)
Tracing is a legal process, not a remedy, by which a claimant demonstrates what has happened to his/her property, identifies its proceeds and those persons who have handled or received them, and asks the court to award a proprietary remedy in respect of the property, or an asset substituted for the original property or its proceeds. Tracing allows transmission of legal claims from the original assets to either the proceeds of sale of the assets or new substituted assets. Tracing ordinarily facilitates an equitable remedy, and is subject to the usual limitations and bars on equitable remedies in common law countries. In many common law countries, there are two concurrent processes, tracing at common law and tracing in equity. However, because the right to trace at common law is so circumscribed, the equitable process is almost universally relied upon, as equitable tracing can be performed into a mixed fund. Illustrations "Tracing is thus neither a claim nor a remedy. It is merel ... [...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 b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unjust Enrichment
Restitution and unjust enrichment is the field of law relating to gains-based recovery. In contrast with damages (the law of compensation), restitution is a claim or remedy requiring a defendant to give up benefits wrongfully obtained. Liability for restitution is primarily governed by the "principle of unjust enrichment": A person who has been unjustly enriched at the expense of another is required to make restitution. This principle derives from late Roman law, as stated in the Latin maxim attributed to Sextus Pomponius, ''Jure naturae aequum est neminem cum alterius detrimentum et injuria fieri locupletiorem'' ("By natural law it is just that no one should be enriched by another's loss or injury"). In civil law systems, it is also referred to as enrichment without cause or unjustified enrichment. In pre-modern English common law, restitutionary claims were often brought in an action for '' assumpsit'' and later in a claim for money had and received. The seminal case giving ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Terminology
Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a science and as the art of justice. State-enforced laws can be made by a legislature, resulting in statutes; by the executive through decrees and regulations; or by judges' decisions, which form precedent in common law jurisdictions. An autocrat may exercise those functions within their realm. The creation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein. The law shapes politics, economics, history and society in various ways and also serves as a mediator of relations between people. Legal systems vary between jurisdictions, with their differences analysed in comparative law. In civil law jurisdictions, a legislature or other central body codifies and consolidates the law. In common law systems, judges ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Judicial Remedies
A legal remedy, also referred to as judicial relief or a judicial remedy, is the means with which a court of law, usually in the exercise of Civil law (common law), civil law jurisdiction, enforces a right, imposes a Sentence (law), penalty, or makes another court order to impose its will in order to compensate for the harm of a wrongful act inflicted upon an individual. In common law jurisdictions and mixed civil-common law jurisdictions, the law of remedies distinguishes between a legal remedy (e.g. a specific amount of monetary damages) and an equitable remedy (e.g. injunctive relief or specific performance). Another type of remedy available in these systems is declaratory relief, where a court determines the rights of the parties to Lawsuit, action without awarding damages or ordering equitable relief. The type of legal remedies to be applied in specific cases depend on the nature of the wrongful act and its liability. In international human rights law, there is a right to an e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oxford University Press
Oxford University Press (OUP) is the publishing house of the University of Oxford. It is the largest university press in the world. Its first book was printed in Oxford in 1478, with the Press officially granted the legal right to print books by decree in 1586. It is the second-oldest university press after Cambridge University Press, which was founded in 1534. It is a department of the University of Oxford. It is governed by a group of 15 academics, the Delegates of the Press, appointed by the Vice Chancellor, vice-chancellor of the University of Oxford. The Delegates of the Press are led by the Secretary to the Delegates, who serves as OUP's chief executive and as its major representative on other university bodies. Oxford University Press has had a similar governance structure since the 17th century. The press is located on Walton Street, Oxford, Walton Street, Oxford, opposite Somerville College, Oxford, Somerville College, in the inner suburb of Jericho, Oxford, Jericho. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tracing In English Law
Tracing is a procedure in English law used to identify property (such as money) which has been taken from the claimant involuntarily or which the claimant wishes to recover. It is not in itself a way to recover the property, but rather to identify it so that the courts can decide what remedy to apply. The procedure is used in several situations, broadly demarcated by whether the property has been transferred because of theft, breach of trust, or mistake. Tracing is divided into two forms, common law tracing and equitable tracing.Parry, R. M. A.Reservation of Title: Can the Seller Trace? last updated 9 April 1999, archived 26 April 2005, accessed 18 November 2022 Common law tracing relies on the claimant having legal ownership of the property, and will fail if the property has been mixed with other property, the legal title has been transferred to the defendant, or the legal title has been transferred by the defendant to any further recipient of the property. Equitable tracing, o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taylor V Plumer
''Taylor v Plumer'' Thomas Plumer">Sir Thomas Plumer gave his broker, Mr Walsh, a draft on his bankers for £22,200 to invest in exchequer bills. Mr Walsh cashed the draft, and got bank notes. He bought £6500 in exchequer bills, and with the balance he got American securities, paying with the bank notes. But he gave one note to his brother in law, in return for his bankers' draft of £500. He then bought 71½ doubloons, with the intention of escaping to North America via Lisbon. Sir Thomas' attorney caught him at Falmouth, and secured a return of the American securities and bullion. Mr Walsh was indicted, tried, found guilty, but pardoned, and then declared bankrupt. His assignees in bankruptcy brought an action in trover against Sir Thomas. Judgment Lord Ellenborough held that Sir Thomas had never ceased to be the lawful proprietor. Although decided in a common law court, Millett LJ in ''Jones v Jones'' noted that it was in fact decided under equitable principles. But Mil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macmillan Inc V Bishopsgate Investment Trust Plc (No 3)
is a judicial decision relating to English trusts law and conflict of laws case from the Court of Appeal. The issue arose in relation to frauds conducted by the late Robert Maxwell. The appeal was not actually an appeal on the full decision, but an appeal to determine a preliminary issue: specifically whether the proper law to determine the issue was English law or New York law. Macmillan argued that the main issue was a claim in restitution, and so the proper law to determine the issue was English law. The respondent banks argued that the main issue was who had title to the shares, and so the proper law to determine that issue was New York law. The reported decision is one of a series of cases in relation to the fraud, and probably the most widely reported and cited decision within that series. The trial at first instance on the full facts (9951 WLR 978, before Millett J) had taken "the best part of a year, from October 1992 to July 1993". The respondent banks won at firs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the '' collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person is loaned money from a bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Account Of Profits
Account (abbreviated a/c) may refer to: * Account (bookkeeping) * A report * A bank account ** Deposit account ** Personal account ** Sweep account ** Transaction account * User account, the means by which a user can access a computer system * Customer of a company, used in B2B business ** account manager ** account executive {{disambig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equitable Charge
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the '' collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person is loaned money from a bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are gra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resulting Trust
A resulting trust is an implied trust that comes into existence by operation of law, where property is transferred to someone who pays nothing for it; and then is implied to hold the property for the benefit of another person. The trust property is said to "result" or revert to the transferor (as an implied settlor). This use of "result" means ''spring back'': on the face of it the property in question has been transferred to the recipient (and indeed it has come into the recipient's legal ownership), but the legal owner is not permitted to benefit from it, and so beneficial ownership of the property springs back to the settlor. Not all trusts where the settlor is also the beneficiary are resulting trusts. In common law systems, express trusts that clearly state the settlor as the beneficiary are typically not considered resulting trusts. Beneficial Interest and Outcome The beneficial interest results to the settlor, or if the settlor has died, to the settlor's estate. Thi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
