Naked Trust - Law Dictionary Search Results
naked trust
naked trust see trust ...
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...
naked land trust
naked land trust see trust ...
power
power 1 : capability of acting or of producing an effect [parties of unequal bargaining ] 2 a : authority or capacity to act that is delegated by law or constitution often used in pl. commerce power often cap C&P : the power delegated to Congress under Article I, Section 8 of the U.S. Constitution to regulate commerce esp. among the states see also commerce clause concurrent power : a power that is held simultaneously by more than one entity ;specif : a power delegated to the federal government by the U.S. Constitution that is also held by the states enu·mer·at·ed powers [i-nü-mə-rā-təd-, -nyü-] : the powers specifically named and delegated to the federal government or prohibited to be exercised by the states under the U.S. Constitution compare reserved powers in this entry executive power : the power delegated to the executive of a government ;specif : any or all of the powers delegated to the president under Article II of the U.S...
owner
owner : one with an interest in and often dominion over property: as a : legal owner in this entry b : one with the right to exclusive use, control, or possession of property c : a purchaser under a contract for the sale of real property see also equitable owner in this entry beneficial owner 1 : one holding a beneficial interest in a trust compare beneficial interest at interest 2 : one enjoying the benefit of property of which another is the legal owner [was the beneficial owner of property held by the parent corporation] 3 : one who has or shares the power to control the voting or investment of stock [was considered the beneficial owner of stock held by her minor children] equitable owner : one (as a beneficiary of a trust) who is considered to have rights or obligations of an owner regardless of legal title on the ground of equity [do not have legal title but, upon execution of the contract, they became equitable owners and have power to sue to protect their land "Desse...
Bailment
Bailment [fr. bailler, Fr., to deliver], a compendious expression to signify a contract resulting from delivery; perhaps best defined as a 'delivery of a thing in trust for some special object or person, and upon a contract express or implied, to conform to the object or purpose of the trust.'In the celebrated case of Coggs v. Bernard, (1704) Ld Raym 909; 1 Sm L C, Lord Holt divided bailments thus:-(1) Depositum, or a naked bailment of goods, to be kept for the use of the bailor.A restaurant keeper has been held liable for loss of an overcoat entrusted by a customer to a waiter, Ultzen v. Nicols, (1894) 1 QB 92; Orchard v. Bush & Co., (1898) 2 QB 284.(2) Commodatum. Where goods or chattels that are useful are lent to the bailee gratis, to be used by him. See Coughlin v. Gillison, (1899) 1 QB 145.(3) Locatio rei. Where goods are lent to the bailee to be used by him for hire.(4) Vadium. Pawn or pledge.(5) Locatio operis faciendi. Where goods are delivered to be carried, or something is t...
Title
Title, means the union of all elements (as ownership possession, and custody) constituting the legal right to control and dispose of property; the legal link between a person who owns property and the property itself, Black's Law Dictionary, 7th Edn., p. 1493.Title: 1, a general head, comprising particulars, as in a book; 2, an appellation of honour or dignity; 3, the means whereby the owner of lands has the just possession of his property--titulus est justa causa pos sidendi id quod nostrum est: Co. Litt. 345b.1. The union of all elements (as ownership, possession, and custody) constituting the legal right to central and dispose of property; the2. Legal evidence of a person's ownership rights in property; an chastenment (such as a deed) that constitute such evidence3. The heading of a statute or other legal document, Black's Law Dictionary, 7th Edn.There are several stages and degrees requisite to form a complete title to lands and tenements.1. The lowest and most imperfect degree of ...
Deposit
Deposit, money paid to a person as an earnest or security for the performance of some contract, especially a contract for the sale of real estate. Also a naked bailment of goods to be kept for the bailor without recompense, and to be returned when the bailor shall require it. The appellation and the definition are both derived from the civil law. Depositum est quod custodiendum alicui datum est. It is, in the civil law, divisible into two kinds: (1) necessary, made upon some sudden emergency, and from some pressing necessity; as, for instance, in case of a fire, a shipwreck, or other overwhelming calamity, when property is confided to any person whom the depositor may meet without proper opportunity for reflection or choice, and thence it is called miserabile depositum; (2) voluntary, which arises from the mere consent and agreement of the parties. the Common Law has made no such division. There is another class of deposits, called involuntary, which may be without the assent or even k...
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