I no longer endorse all the statements in this document. I think many of the conclusions are still correct, but especially section 1 is weaker than it should be, and many reactionaries complain I am pigeonholing all of them as agreeing with Michael Anissimov, which they do not; this complaint seems reasonable. This document needs extensive revision to stay fair and correct, but such revision is currently lower priority than other major projects.
Ancient examples[ edit ] A possible early concept which later developed into what today is understood as a trust related to land. An ancient king settlor grants property back to its previous owner beneficiary during his absence, supported by witness testimony trustee. In Critique distribution channel profitability and in this case, the king, in place of the later state trustor and holder of assets at highest position issues ownership along with past proceeds to the original beneficiary: On the testimony of Gehazi the servant of Elisha that the woman was the owner of these lands, the king returns all her property to her.
From the fact that the king orders his eunuch to return to the woman all her property and the produce of her land from the time that she left This was created by later common law jurisdictions. Personal trust law developed in England at the time of the Crusadesduring the 12th and 13th centuries.
In medieval English trust law, the settlor was known as the feoffor to uses while the trustee was known as the feoffee to uses and the beneficiary was known as the cestui que use, or cestui que trust.
At the time, land ownership in England was based on the feudal system. When a landowner left England to fight in the Crusades, he conveyed ownership of his lands in his absence to manage the estate and pay and receive feudal dues, on the understanding that the ownership would be conveyed back on his return.
However, Crusaders often encountered refusal to hand over the property upon their return. Unfortunately for the Crusader, English common law did not recognize his claim. The Crusader had no legal claim. The disgruntled Crusader would then petition the king, who would refer the matter to his Lord Chancellor.
The Lord Chancellor could decide a case according to his conscience. At this time, the principle of equity was born. The Lord Chancellor would consider it "unconscionable" that the legal owner could go back on his word and deny the claims of the Crusader the "true" owner.
Therefore, he would find in favour of the returning Crusader. The legal owner would hold the land for the benefit of the original owner and would be compelled to convey it back to him when requested. The Crusader was the "beneficiary" and the acquaintance the "trustee".
The term "use of land" was coined, and in time developed into what we now know as a trust. Significance[ edit ] The trust is widely considered to be the most innovative contribution of the English legal system. Trusts are widely used internationally, especially in countries within the English law sphere of influence, and whilst most civil law jurisdictions do not generally contain the concept of a trust within their legal systems, they do recognise the concept under the Hague Convention on the Law Applicable to Trusts and on their Recognition partly only the extent that they are parties thereto.
The Hague Convention also regulates conflict of trusts. Although trusts are often associated with intrafamily wealth transfers, they have become very important in American capital markets, particularly through pension funds in certain countries essentially always trusts and mutual funds often trusts.
The uses of trusts are many and varied, for both personal and commercial reasons, and trusts may provide benefits in estate planningasset protectionand taxes. In a relevant sense, a trust can be viewed as a generic form of a corporation where the settlors investors are also the beneficiaries.
This is particularly evident in the Delaware business trust, which could theoretically, with the language in the " governing instrument ", be organized as a cooperative corporation or a limited liability corporation, : Terminology[ edit ] Chart of a trust Appointer: This is the person who can appoint a new trustee or remove an existing one.
This person is usually mentioned in the trust deed. In trust law, "appointment" often has its everyday meaning. It is common to talk of "the appointment of a trustee", for example.
However, "appointment" also has a technical trust law meaning, either: Sometimes, a power of appointment is given to someone other than the trustee, such as the settlor, the protector, or a beneficiary.
This is the legal term used to imply that an entity is acting as a trustee. A beneficiary is anyone who receives benefits from any assets the trust owns.
This term refers to the fact that the trustee is acting on its own behalf.
The Levy Economics Institute of Bard College is a non-profit, nonpartisan, public policy think tank. EAG Competition Advocacy Papers are a vehicle for disseminating analysis from economists in the Economic Analysis Group (EAG) of the Antitrust Division concerning public policy options for the promotion of competition. A trust is a three-party fiduciary relationship in which the first party, the trustor or settlor, transfers ("settles") a property (often but not necessarily a sum of money) upon the second party (the trustee) for the benefit of the third party, the beneficiary.. A testamentary trust is created by a will and arises after the death of the settlor. An inter vivos trust is .
A protector may be appointed in an express, inter vivos trust, as a person who has some control over the trustee—usually including a power to dismiss the trustee and appoint another. The legal status of a protector is the subject of some debate. No-one doubts that a trustee has fiduciary responsibilities.
If a protector also has fiduciary responsibilities, then the courts—if asked by beneficiaries—could order him or her to act in the way the court decrees.
However, a protector is unnecessary to the nature of a trust—many trusts can and do operate without one.* Income is “a flow of purchasing power” that comes from work, investments, and other sources, like government benefits.
The cost of synfuel can be attacked from another direction: tax fossil fuel at a rate that factors in its external cost in terms of climate change. One method of exercising teams in which participants are challenged to determine the actions they would take in the event of a specific disaster scenario.
12TH ANNUAL SONGNET AWARDS NIGHT WEDNESDAY MARCH 15 , pm. SHOWCASE: Songwriters Showat the Coffee timberdesignmag.com 15th marks the 12 year of the SongNet Awards night, celebrating those in our community who released a PHYSICAL CD in EAG Competition Advocacy Papers are a vehicle for disseminating analysis from economists in the Economic Analysis Group (EAG) of the Antitrust Division concerning public policy options for the promotion of competition.
Chris Welsh is the Managing Partner of ARG Restructuring. Chris’ responsibilities include turnaround management, restructuring services, strategic cash flow, liquidation strategies, and financing/debt placement services.