Trust Fund - Law Dictionary Search Results
Home Dictionary Name: trust fund Page: 2accretion
accretion 1 : the process or a result of growth or enlargement: as a : the increase or extension of the boundaries of land or the consequent acquisition of land accruing to the owner by the gradual or imperceptible action of natural forces (as by the washing up of sand or soil from the sea or a river or by a gradual recession of the water from the usual watermark) ;also : accession in which the boundaries of land are enlarged by this process compare avulsion, reliction b : increase in the amount or extent of any kind of property or in the value of any property [s to a trust fund resulting from the increase in value of…securities in which its corpus is invested "In re Estate of Gartenlaub, 244 P. 348 (1926)"] NOTE: Accretion in value of the principal of a trust is generally not considered income. c : enlargement of a bargaining unit by the addition of new employees 2 in the civil law of Louisiana : the passing to an heir or conjoint legatee of the right to accept a porti...
administer
administer -is·tered -is·ter·ing vt 1 : to manage the affairs of (as a government or agency) 2 a : to direct or supervise the execution, use, or conduct of [ a trust fund] b : to settle (an estate) under a court appointment as administrator or executor 3 a : to give ritually [ an oath] b : to give (as a narcotic) for the purpose of ingesting vi 1 : to perform the office of an administrator or executor 2 : to manage or conduct affairs ad·min·is·tra·ble [əd-mi-nə-strə-bəl] adj ...
Assets
Assets [fr. assetz, Nor.-Fr., i.e., satis, Lat.; assez, Fr., sufficient; in Old English it was commonly written asseth], the property of a deceased person, which is chargeable with, and applicable to the payment of, his debts and legacies; the property of any person, with reference to bankruptcy, available for division amongst his creditors; the whole property of a person, without any such reference. For purposes of the administration of the estate of a deceased person assets were, before 1925, divided into two classes, legal and equitable. Legal assets comprised all property to which the personal representative became entitled virtute officii and for which he would have been answerable in an action at common law brought against him by a creditor; they were administered in accordance with certain rules of priority. Equitable assets, on the other hand were those which would only be made available for the payment of debts through the operation of a decree or order of a Court of Equity; t...
Defamation
Defamation, an intentional false communication, either published or publicly spoken, that injures another's reputation or good name, holding up of a person to reduce, Scorn or contempt in a respectable an considerable part of the community; may be criminal as well as civil. Includes both libel and slander. (Indian Penal Code, 1860, s. 499)Defamation, general term for words spoken (slander) or written (libel) to the prejudice of a person's character, in such wise as to support an action by such person against the speaker or writer. The ecclesiastical courts had formerly a concurrent jurisdiction in such an action, but such jurisdiction was abolished in 1855 by 18 & 19 Vict. c. 41. See LIBEL 'SLANDER. Consult Odgers on Libel and Slander.The act of a defaulter: Embezzlement or misappropriation of public or trust funds: Diminution, abatement, excision of any part of a customary allowance; a cutting off, a diminution by way of deficit....
Invest
Invest, to give possession; to lay out money. As to investments which a trustee may make, see TRUST FUNDS...
Trustees, Fraudulent, Punishment of
Trustees, Fraudulent, Punishment of. By the (English) Larceny Act, 1916, s. 21, the appropriation of the trust fund by the trustee to his own use is punishable by penal servitude for seven years, but the sanction of the Attorney-General is necessary for a prosecution by a person other than one who has taken civil proceedings against the trustee and has obtained the sanction of the Court....
Appointment in exercise of a Power
Appointment in exercise of a Power, In the case of freeholds an instrument which alters, abridges, or suspends a use limited by a prior assurance or trust creating the power which sanctions such appointment. In the case of appointments of uses of freeholds effected under the Statute of Uses the seisin to serve the appointed use was transferred by the prior assurance; the appointment vested the legal estate in the appointee, who took as though he were named in such prior assurance. After the 31st December, 1925, a power of appointment of land can only operate inequity, (English) Law of Property Act, 1925, s. 1(7).Powers may also be reserved over personal estate, and in that case also only the equitable estate now passes; a common instance is the power of appointment among the issue usually given by a marriage settlement, by virtue of which the parents can distribute the settled funds amongst the issue in such shares as the donees of the power think fit, and the trustees will then hold t...
Official trustees of charitable funds
Official trustees of charitable funds, officers of the Charity Commissioners appointed to hold stocks and securities belonging to charities: see (English) Charitable Trusts Act, 1853, s. 51; (English) Charitable Trusts Amendment Act, 1855, s. 18; (English) Charitable Trusts Act, 1887, s. 4....
Public trustee
Public trustee. The office of Public Trustee was established by the (English) Public Trustee Act, 1906, which came into force on 1st January, 1908. The Public Trustee is a corporation sole, and may if he thinks fit act in the administration of estates of deceased persons if under one thousand pounds; act as custodian trustee [see that title, and Re Cherry's Trusts, (1914) 1 Ch 83]; act as an ordinary trustee; be appointed to be a judicial trustee (see that title); be appointed administrator of the property of a convict under the Forfeiture Act, 1870; and he may also be appointed an executor and obtain a grant of probate (s. 5). He may be appointed a trustee whether the trust instrument came into operation before or after the Act, and either as an original or a new trustee, or as an additional trustee, in the same cases and manner and by the same persons or Court as if he were a private trustee, with this addition--that he may be appointed sole trustee although the trustees originally a...
Charities, or Public Trusts
Charities, or Public Trusts. One of the earliest fruits of the Emperor Constantine's zeal, or pretended zeal, for Christianity, was a permission to his subjects to bequeath their property to the Church. This permission was soon abused to so great a degree as to induce the Emperor Valentinian to enact to Mortmain Act by which it was restrained. But this restraint was gradually relaxed; and in the time of Justinian it became a fixed maxim of civil law that legacies to pious uses (which included all legacies destined to works of charity, whether they related to spiritual or temporal concerns) were entitled to peculiar favour, and to be deemed privileged testaments.Lord Thurlow was clearly of opinion that the doctrine of charities grew up from the civil law; and Lord Eldon, in assenting to that opinion, has judiciously remarked, that at an early period that ordinary had the power to apply a portion of every man's personal estate to charity; and when afterwards the statute compelled a distr...
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