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For example, a tenant in possession might acquire a fee simple in the land from a superior landowner such as a freeholder. In such a case, the use of quitclaim circumvented the multistep process of the tenant having to formally give up possession to the original freeholder, merely in order to be re-granted possession by feoffment as freeholder ...
Some financial assets, like bank accounts and retirement portfolios, are designed to pass from one person to another. This designated recipient is known as a "beneficiary," meaning that you have ...
Additionally a Protector may be appointed who, for example, is authorized to appoint new trustees and to review the trustees' annual accounts. To be valid at common law, a trust instrument must ascertain its beneficiaries, as well as the res (a Law Latin term meaning "thing") or subject matter of the trust, unless it is a charitable trust which ...
For example, in the context of the Individual Retirement Account (IRA), a brokerage firm distinguishes its custodial account IRAs from trust IRAs when seeking IRS tax approval for an IRA plan which is part of a brokerage account agreement. The treatment of a brokerage account based IRA as a trust for tax purposes is largely a legal fiction.
An endorsement which purports to transfer the instrument to a specified person is a special endorsement – for example, "Pay to the order of Amy"; An endorsement by the payee or holder which does not contain any additional notation (thus purporting to make the instrument payable to bearer) is an endorsement in blank or blank endorsement;
This renders the agreement voidable. An erroneous opinion as to the value of the thing which forms the subject matter of the agreement is not to be deemed a mistake as to a matter of fact. [4] For example, a woman finds a stone and sells it as a topaz. It was a raw uncut diamond worth hundreds of times the selling price. The contract is not ...
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Some financial assets, like bank accounts and retirement portfolios, are designed to pass from one person to another. This designated recipient is known as a "beneficiary," meaning that you have ...
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