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A Quistclose trust is a method by which a creditor can hold a security interest in loans, through inserting a clause into the contract which limits the purposes for which the borrower can use the money. If the funds are used for a different purpose, a trust is created around the money for the benefit of the moneylender.
The trust beneficiaries are notified by the trustee that they have the power to withdraw some or all of the gift to the trust for a specified time period. The simultaneous acts of the grantor transferring property to the trust and the trust beneficiaries being permitted to withdraw the gift from the trust is deemed to be the same as giving the ...
In Australia, trust money in the legal industry is the money a law practice holds on behalf of a client or other people in the course of, or in connection with, the provision of legal services. [1] Trust money is required to be held by a law firm on a client's behalf in a trust account with a bank and is highly regulated.
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When your CD matures, you typically have a grace period to decide whether to withdraw your funds, renew the CD for another term or transfer the money to another investment product.
Offering higher interest rates that can pay out up to 10 times the 0.42% national average of a traditional savings account, a high-interest savings account is an ideal way to grow your idle cash ...
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 agreement. Trust distributions: A trust distribution is any income or asset that is given out to the beneficiaries of the trust.
The trustee must have borrowed the money with the intention, at the time, of using trust money to discharge it. In Federal Republic of Brazil v Durant International Corporation [ 39 ] it was held that backwards tracing is not allowed where the trustee uses the money to pay off a loan, and thereby acquires unencumbered title to whatever was ...