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Under ancient common law principles, a trust could not exist unless there was at least some "title split" – that is, the same person cannot generally hold all legal and all equitable title at the same time. If the legal and equitable title merge in the same person, the trust is considered nonexistent under the so-called merger doctrine. [96]
Settlor(s): This is the person (or persons) who creates the trust. Grantor(s) is a common synonym. Terms of the Trust means the settlor's wishes expressed in the Trust Instrument. Trust deed: A trust deed is a legal document that defines the trust such as the trustee, beneficiaries, settlor and appointer, and the terms and conditions of the ...
Equitable interest is a right against a right, rather than right against a thing or right against a person. Whenever a party B has a right against a right of another A, B's right is prima facie binding on anyone who acquires a right that derives from A's right. B will acquire such a persistent right whenever A is under a duty to hold a specific ...
The West publication is Michigan Compiled Laws Annotated (MCLA); the LexisNexis version is the Michigan Compiled Laws Service (MCLS). Until the year 2000, an alternate codification known as the Michigan Statutes Annotated (MSA), which differed from the MCL in both its organization and numbering system, was also in use. Until the discontinuation ...
Bennis v. Michigan, 516 U.S. 442 (1996), was a decision by the United States Supreme Court, which held that the innocent owner defense is not constitutionally mandated by Fourteenth Amendment Due Process in cases of civil forfeiture.
As in most states, car insurance is a legal requirement in Michigan. If you have a vehicle that is registered with the state’s Department of Motor Vehicles (DMV), you must meet the state’s ...
In Michigan, as in most states, it is a legal requirement for drivers to have a minimum amount of car insurance. ... Understanding Michigan car insurance laws is key to ensuring that you are ...
Right of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party. A first refusal right must have at least three parties: the owner, the third party ...