Creditor Beneficiary - Law Dictionary Search Results
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beneficiary
beneficiary pl: -ries : a person or entity (as a charity or estate) that receives a benefit from something: as a : the person or entity named or otherwise entitled to receive the principal or income or both from a trust compare settlor, trustee contingent beneficiary : a beneficiary that may receive proceeds from a trust depending on the occurrence of a specified event (as the death of another beneficiary) income beneficiary : a beneficiary that according to the provisions of a trust is to receive income but not the principal of the trust NOTE: A trust may provide for income to be paid to someone (as a spouse) for his or her lifetime and then for payment of the principal to another person. A trustee is sometimes allowed to distribute some of the principal of the trust to an income beneficiary when necessary for the support of the beneficiary if support of the beneficiary was the purpose of the trust. b : the person or entity named by the insured of a life insurance policy to r...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Voluntary conveyance
Voluntary conveyance. A conveyance by way of gift or otherwise without valuable consideration. Liable to be defeated, under 27 Eliz. c. 4, by a subsequent sale for value, but no voluntary disposition whenever made shall be deemed to have been made with intent to defraud by reason only that a subsequent conveyance for valuable consideration was made if that conveyance was made after the 18th January, 1893: (English) Law of Property Act, 1925, s. 173, reproducing 27 Eliz. c. 4, as amended by the (English) Voluntary Conveyances Act, 1893. Any conveyance made with intent to defeat or delay creditors may be set aside under 13 Eliz. c. 5; see Twyne's Case, (1601) 3 Rep. 80; 1 Sm. L.C., unless the conveyance was made for valuable consideration and in good faith or upon good consideration and in good faith to any person not having at the time of the conveyance notice of the intent to defraud creditors [s. 172 (3), (English) Law of Property Act, 1925] This Act (ss. 172 and 173) repeals and repr...
fiduciary relationship
fiduciary relationship : a relationship in which one party places special trust, confidence, and reliance in and is influenced by another who has a fiduciary duty to act for the benefit of the party called also confidential relationship fiduciary relation see also fiduciary duty at duty NOTE: A fiduciary relationship may be created by express agreement of the parties, or it may be imposed by law where established by the conduct of the parties. Typical fiduciary relationships exist between agents and principals, attorneys and clients, executors or administrators and legatees or heirs, trustees and beneficiaries, corporate directors or officers and stockholders, receivers or trustees in bankruptcy and creditors, guardians and wards, and confidential advisors and those advised. ...
Uses
Uses (History). A use is the intention or purpose, express or implied, upon which property is to be held. The Common Law treated the actual possessor for all purposes as the owner of the property. It was not difficult to find him out, since the possession of his estate was conferred upon him by a formal and notorious ceremony, technically called livery of seisin, which was performed openly and in the presence of the people of the locality.It soon became evident that the simple rules of the Common Law were stumbling-blocks to the complicated wants of an enterprising people.Hence ingenuity was sharpened to hit upon a device which should set at nought the rigidity of existing law and formalities.A system was found by the monastic jurists upon a model furnished by the Civil Law, which, by a nice adaptation, evaded, without overturning, the Common Law. Two methods of transferring realty began to co-exist in this country-the ancient Common Law system, and the later invention, which is denomi...
Consideration
Consideration. Any act of the promisee (the person claiming the benefit of an obligation) from which the promisor (the person burdened with the obligation) or a stranger derives a benefit or advantage, or any labour detriment or inconvenience sustained or suffered by the promisee at the request, express or implied, of the promisor. See Laythoarp v. Bryant, 3 Scott 250; 2 Wms. Saund 137 h; Currie v. Misa, (1875) LR 10 Exch 153.Consideration is one of the facts which the courts require as evidence of intention, (a) that a person intends his promise to be binding on him, or (b) that he intends to divest himself of a beneficial interest in property. In its widest sense consideration is the price, motive or inducement for a promise or for a transfer of property from one person to another. The nature or quality of the consideration which will be sufficient for these purposes varies with the nature of the transaction and in the absence of consideration the Courts will, except in the case of s...
Registration of title of land
Registration of title of land. The (English) Land Registration Act, 1925 (15 Geo. 5, c. 21), repeals and re-enacts the (English) Land Transfer Acts, 1875 (38 & 39 Vict. c. 87) and 1897 (60 & 61 Vict. c. 65), with amendments in keeping with innovations which were introduced by the property laws of 1925. Its object is to simplify the indicia of land ownership and transfer by mere inscription and transcription in a register. The advantages which are claimed for the system are (a) purchasers for value of an absolute or good leasehold title are absolved from any inquiry into the title other than it is shown to be on the register; (b) certain equitable claims which would be binding on the land under the general law and cannot be removed or over-reached without onerous formalities do not affect such purchasers; (c) the method of conveyance or charge is simple; (d) subject to the statutory provisions, registration guarantees the title to purchasers for value and mortgagees. It should be observ...
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