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In Union Bank & Trust Co.v. Girard Trust Co., [18] a firm processing information in order to transfer title using the information provided by customers lacked the intent to commit illegal or improper acts when the information furnished to it was wrong. It was not part of its job description to know better, and it did not know better and charged ...
A letter of credit can be transferred to the second beneficiary at the request of the first beneficiary only if it expressly states that the letter of credit is transferable. A bank is not obligated to transfer a credit. It can further be transferred to more than one alternate beneficiary as long as it allows partial shipments.
The beneficiaries are beneficial (or 'equitable') owners of the trust property. Either immediately or eventually, the beneficiaries will receive income from the trust property, or they will receive the property itself. The extent of a beneficiary's interest depends on the wording of the trust document.
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 ...
Adding a beneficiary or a joint account holder to your bank accounts is a great way to transfer assets to your family in a clear-cut way. You avoid the hassle of probate, and your assets are ...
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W Swadling, ‘Rescission, Property and the Common law’ (2005) 121 LQR 123, suggests the reasoning on recovery of property should not merge the issues of validity of contract and transfer of title. [90] B Häcker, ‘Rescission of Contract and Revesting of Title: A Reply to Mr Swadling’ [2006] RLR 106, responds to Swadling's argument.
Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. Breach occurs when a party to a contract fails to fulfill its obligation(s), whether ...
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