The first thing to know about trusts is that they come in two varieties: grantor and non-grantor.
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"A non-grantor trust sets the trust up as its own taxing entity, and all those tax consequences are at the trust level, not the grantor level," Flanagan said.
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Among the types used, said Fortuna: Charitable Lead Trust, Generation-Skipping Trust, Grantor Retained Annuity Trust, Irrevocable Life Insurance Trust, Qualified Personal Residence Trust and Installment Sale to Grantor Trust.
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Once a grantor of a revocable trust dies, it becomes irrevocable.
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In a revocable trust, the grantor still owns all their assets.
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Every trust has a grantor, beneficiary, and trusteeThree parties are involved in the operation of every trust: a grantor, who opens and funds the trust; a beneficiary, who is the person, people, or charity receiving the assets; and a trustee — the person, group of advisers, or organization that has a fiduciary responsibility to manage the trust now and after the grantor&aposs death.
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Correction: A previous version of this article misidentified the grantor of the commercial astronaut designation.
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Grantor trusts pass through all their tax exposure to the person who created the trust.
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The grantor is responsible for paying taxes on the assets now and at their death.
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In an irrevocable trust, the grantor can also be an income beneficiary during their lifetime.
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Non-grantor trusts, where the person who created the trust gives up control of trust, don't.
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Simply put, in an irrevocable trust, the grantor surrenders the right to call off the arrangement.
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A revocable trust can be altered throughout the grantor&aposs life, while an irrevocable trust cannot.
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An earlier version of this article misidentified the grantor of one royal warrant to a British business.
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No matter where the trust is located, a grantor will be taxed for any income the trust generates.
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Since the trust is open, in essence, all the assets are still included in the grantor&aposs estate.
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In some revocable trusts, a single person can act as the grantor, beneficiary, and trustee during their lifetime.
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To do so, they used a special type of trust called GRAT, short for grantor-retained annuity trust.
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There are three people involved in any trust: the grantor who places their assets in the trust fund; the beneficiary or beneficiaries who receive those assets; and the trustee — the person, group of advisers, or organization that is responsible for managing the trust now and after the grantor&aposs death.
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Three common techniques — minority discounts, grantor-retained annuity trusts and family limited partnerships — were all used by the Trumps.
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Put another way, the language seems to assume there is a grantor and a recipient who are two different people.
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This refers to the grantor&aposs ability to make changes to the trust after it is set up and funded.
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It consists of documents affirming the establishment of a Reparations Purpose Trust (with Artists Space as grantor and Rowland as enforcer).
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The Obama administration proposed regulations to address abuses of valuation discounts, and legislation to address abuses of grantor-retained annuity trusts.
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The vehicle they created to do that was a special kind of trust called a grantor-retained annuity trust, or GRAT.
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An irrevocable trust cannot be changed after it is set up and can only be accessed after the grantor&aposs death.
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From there it goes to the grantor, one of the three most senior members of the Royal Family, who then signs it.
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The grantor "owns" that warrant, which is why each warrant holder is listed as "by appointment to" a specific member of the household.
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A grantor can place almost any asset into a trust, including real estate, bank accounts, investment accounts, business interests, and life insurance policies.
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One popular tool they use is the grantor-retained annuity trust, which has helped several billionaires pass down assets free of gift or estate taxes.
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When the New York Times talks about the grantor-retained annuity trust, I think every estate planner will tell you all wealthy planners use GRATs.
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This person or organization (often a charity) is different from the beneficiary and inherits the remainder of the trust assets at the grantor&aposs death.
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A revocable trust is flexible — the grantor can make changes at any time and can generate income through the investments or property placed in the trust.
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For example, the Times article details how the Trumps used valuation discounts and something called a grantor-retained annuity trust to sharply reduce their gift and estate tax bill.
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There's a bit of a science to setting up these entities, called grantor trusts, and an art to persuading the receiving spouse to pay taxes on the money paid out.
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We will never get a deal with them even on the best of circumstances unless we are able to convince them that we are providing a grantor of their indefinite security.
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His family also used grantor-retained annuity trusts (GRATS) and a fake company called All County Building Supply & Maintenance to ultimately transfer more than $1 billion in wealth to their kids.
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By putting QSBS into a so-called incomplete gift non-grantor trust, or ING, a founder can sidestep those exemptions, leaving plenty of room to pass on more assets down the road.
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A trust must be set up as either revocable or irrevocable — meaning it can or cannot legally be altered during their lifetime — and have a grantor, at least one beneficiary, and a trustee.
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The second is to put those assets into what is called a grantor trust, which benefits future recipients by allowing the person making the gift to pay all the income taxes in the trust.
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Adopting a government-wide open data structure for all the information grantees reports will alleviate compliance burdens, provide instant insights for grantor agencies and Congress, and enable easy access to data for oversight, analytics and program evaluation.
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ING trusts, which stands for incomplete gift non-grantor trusts, can shift the tax exposure out of a high-tax state, such as California, to a state with no state income tax, such as Delaware, Nevada and Wyoming.
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In other words, because the grantor retains control of the assets, it's an incomplete gift and won't require the person setting up the trust to use up his or her lifetime unified credit for gift and estate taxes.
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In most cases, the trust is not responsible for estate taxes upon the grantor&aposs death, although there are at least two notable exceptions, 2503(b) and 2503(c) trusts, which are created for the benefit of minors.
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The trust is essentially closed; the assets placed in the trust are removed from the grantor&aposs estate and they are not responsible for paying taxes during their lifetime or at death (that responsibility falls to the trust and the beneficiaries).
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A block grant of five hundred and thirty-five million dollars, sent every year by the Danes, constitutes nearly a third of the island's G.D.P. In a measured, Scandinavian sort of way, relations between the grantor and the grantee are tense.
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The government gives charitable deductions to private donors because that deduction operates as a form of matching grants, whereby the private grantor supervises the way in which the money is spent to help ensure that public funds are also put to good use.
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She saw everything from people buying art to protect their wealth (and in some cases use a tax loophole of storing art offshore in order to avoid paying taxes right away) to once observing a client save $60 million in taxes by using a complicated, somewhat obscure (at least to us regular taxpayers) loophole called a grantor-retained annuity trust (GRAT).
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A residence trust (PRT or QPRT) will remain a grantor trust during the grantor's retained term. Grantor status is important, because it will allow the grantor to take mortgage interest and property tax deductions, and will also avail the grantor of the Code Section 121 gain exclusion. Following the expiration of the residence term, the grantor status of the trust usually ceases, unless the trust is drafted in a manner to make the trust intentionally grantor following the expiration of the term. This may be advantageous if the trust holds a vacation home and the grantor wishes to deduct mortgage interest and expenses associated with that home.
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If the grantor is older there is a greater likelihood that the grantor will die during the term of the retained interest (when a contingent reversion is retained by the grantor). The regulations under Code section 2702 allow two types of qualified trusts: personal residence trusts and qualified personal residence trusts ("QPRTs"). Of the two, QPRTs are more widely used because they possess a greater degree of flexibility. A personal residence is one of the following: #the principal residence of the grantor; #one other residence of the grantor; or #an undivided fractional interest in either.
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More simply, a grantor's estate's contingent interest in a grantor-created annuity upon the grantor's death does not constitute a gift to anyone; but rather, is a retained interest of the grantor.
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The hope is that there will be an upswing in the market, allowing the remainder-interest party[ies] to take home excess returns (above the annuity returns to the grantor) without the imposition of a gift tax.Beth D. Tractenberg & Michael J. Parets,Grantor Retained Annuity Trusts vs. Intentionally Defective Grantor Trusts, Practising Law Institute (2006), at 766.
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An Intentionally defective grantor trust is sometimes used to reduce estate taxes. It works as follows: # The grantor creates the trust # The grantor transfers investment assets into the trust, but retains the power to "reacquire the trust corpus by substituting other property of equivalent value". The transfer is valid (complete) for estate tax purposes but is incomplete for income tax purposes. # The grantor pays gift tax on the transferNo tax is due if the lifetime exemption has not been exceeded, but the amount of the transfer reduces the amount that the grantor can transfer tax- free in the future and/or the estate tax exemption after the grantor's death # During the grantor's lifetime, the grantor pays income taxes on any increase in the value of the assets in the trust.
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This case has led to the proliferation of "Walton GRATs," which tax experts Beth D. Tractenberg & Michael J. Parets describe as GRATs that last "for a term of years, with the annuity payable to the grantor's estate if the grantor dies during the annuity term."Beth D. Tractenberg & Michael J. Parets,Grantor Retained Annuity Trusts vs. Intentionally Defective Grantor Trusts, Practising Law Institute (2006), at 763. This allows the grantor to retain a qualified interest that is equal to the property transferred, resulting in a gift valuation of zero to the remainder-interest party[ies].
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Trusts have certain requirements for creation. First, the grantor must show an intent to create a trust.UTC Section 402(a)(2). Concordantly, the grantor must have the mental capacity to form such an intent and to create the trust.
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A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets.IRC Section 671. Unlike other trusts, the grantor trust completely passes through all income tax consequences of transactions inside the trust and the trust itself is a virtual shell. This is generally favorable in the current tax climate since in most cases less income will be taxed when a trust is treated as a "grantor trust."S.
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Indian deed creating the Colony of Rhode Island signed by Native American Chief Canonicus to Roger Williams In the transfer of real estate, a deed conveys ownership from the old owner (the grantor) to the new owner (the grantee), and can include various warranties. The precise name and nature of these warranties differ by jurisdiction. Often, however, the basic differences between them is the degree to which the grantor warrants the title. The grantor may give a general warranty of title against any claims, or the warranty may be limited to only claims which occurred after the grantor obtained the real estate.
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A quitclaim deed is a legal instrument that is used to transfer interest in real property. The entity transferring its interest is called the grantor, and when the quitclaim deed is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee. The owner/grantor terminates (“quits”) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.
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A spousal support statute resulted in estate inclusion of a trust with the grantor as cotrustee.
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A trust generally involves three "persons" in its creation and administration: (A) a settlor or grantor who creates the trust;"Settlor" is the English term for the creator of a trust, while "grantor" is the conventional American term. The two are interchangeable; however, since this article discusses United States trust law, "grantor" is generally employed. (B) a trustee who administers and manages the trust and its assets; and (C) a beneficiary who receives the benefit of the administered property in the trust. In many instances where a revocable living trust is involved, one person can serve as grantor, trustee and beneficiary simultaneously until they die.
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Id., comment, pp. 64-65. The consent of the trustee in these situations is not required. Id., comment, p. 65. If the grantor is dead or does not consent, the UTC presumes the grantor would not want a "material purpose" of the trust compromised, regardless of the beneficiaries' wishes.
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Although a power of attorney grants the agent powers to perform acts in the absence of the grantor, the POA cannot grant powers to the agent that conflict with rules and regulations governing people and companies that the agent deals with. For example, if a bank has regulations that require the grantor to be physically present in the bank to perform certain actions, the POA cannot grant the agent power to perform those actions in the absence of the grantor.
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Grantor trusts are typically used in automobile-backed securities and REMICs (Real Estate Mortgage Investment Conduits). Grantor trusts are very similar to pass-through trusts used in the earlier days of securitization. An originator pools together loans and sells them to a grantor trust, which issues classes of securities backed by these loans. Principal and interest received on the loans, after expenses are taken into account, are passed through to the holders of the securities on a pro-rata basis.
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Under the common law, a power of attorney becomes ineffective if its grantor dies or becomes "incapacitated," meaning unable to grant such a power, because of physical injury or mental illness, for example, unless the grantor (or principal) specifies that the power of attorney will continue to be effective even if the grantor becomes incapacitated. This type of power of attorney is called "power of attorney with durable provisions" in the United States or "enduring power of attorney", "lasting" or "continuing" power of attorney elsewhere. In effect, under a durable power of attorney, the authority of the attorney-in- fact to act and/or make decisions on behalf of the grantor continues until the grantor's death.
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If a grantor dies during the retained term of a residence trust, the full value of the trust property is included in the grantor's estate under Code Section 2036(a)(1) (because the grantor retains the right to possess or enjoy the property). If the grantor retains a reversionary interest during the retained term of the trust, the value of the residence is included in the grantor's estate under Code Section 2033. However, it is usually prudent to include in a QPRT a contingent reversionary interest during the retained term of the trust. If the grantor dies during the retained term, the residence is included in the grantor's estate whether or not there is a reversionary interest.
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When a specified event happens, the estate may become void or subject to annulment. There are two types of defeasible estates: fee simple determinable and the fee simple subject to a condition subsequent. If the grantor uses durational language in the condition such as "to A. as long as the land is used for a park", then upon the happening of the specified event (in this case if the land is used for anything other than a park), the estate will automatically terminate and revert to the grantor or the grantor's estate; this is called a fee simple determinable. If the grantor uses language such as "but if alcohol is served", then the grantor or the heirs have a right of entry if the condition occurs, but the estate does not automatically revert to the grantor; this is a fee simple subject to a condition subsequent.
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A Grantor/Grantee title search attempts to locate records by searching the parties listed on a recorded instrument. One approach to conducting a full Grantor/Grantee title search starts by searching the grantor index in the County records and determining the name of the first recorded owner of title. This is usually the sovereign, which is the Federal Government or the Crown of the nation which owned a former colony now located within the United States. The search finds the grant from the sovereign to the first grantee.
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A fee simple determinable is an estate that will end automatically when the stated event or condition occurs. The interest will revert to the grantor or the heirs of the grantor. Normally, a possibility of reverter follows a fee simple determinable. However, a possibility of reverter does not follow a fee simple determinable subject to an executory interest.
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A grantor transfers property into an irrevocable trust in exchange for the right to receive fixed payments at least annually, based on original fair market value of the property transferred. At the end of a specified time, any remaining value in the trust is passed on to a beneficiary of the trust as a gift. Beneficiaries are generally close family members of the grantor, such as children or grandchildren, who are prohibited from being named beneficiaries of another estate freeze technique, the grantor retained income trust. If a grantor dies before the trust period ends, the assets in the GRAT are included in the grantor's estate by operation of I.R.C. § 2036, eliminating any potential gift tax benefit; this is the GRAT's main weakness as a tax avoidance mechanism.
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A fee simple subject to a condition subsequent is created when the words of a grant support the conclusion that the grantor intends to convey a fee simple absolute but has attached a condition to the grant so that if a specified future event happens the grantor will get its fee simple absolute back, provided that the grantor exercises his right of entry (or power of termination). Thus, a fee simple subject to condition subsequent does not end automatically upon the happening of the condition. The future interest is called a "right of reentry" or "right of entry", and the property only reverts to the original grantor if he exercises this right. The right of entry is not automatic, but rather must be exercised to terminate the fee simple subject to condition subsequent.
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9 Sec. 291; and Texas, Property Code Ch. 13, Sec. 13.001(a). #The procedure for indexing instruments presented for recording. ::Grantor-grantee indices.
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Money has now passed from the grantor to his/her children without gift or estate tax. There has been no capital gains tax.
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The person who creates a power of attorney, known as the grantor, can only do so when he/she has the requisite mental capacity. If the grantor loses the capacity to grant permission after the power of attorney has been created (for example, from Alzheimer's disease or a head injury in a car crash); then the power will probably no longer be effective. In some powers of attorney the grantor states that he/she wishes the document to remain in effect even after he/she becomes incapacitated. This type of power is commonly referred to as a durable power of attorney.
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Up to two residences may be transferred into residence trusts, and one must be the primary residence. The other residence, usually a vacation home, may be rented by the grantor a portion of the time, but the grantor must live in the vacation home for more than the greater of 14 days or 10% of the number of days rented.
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Trusts may be created to get funds to the next generation where there is significant wealth and federal exclusionary gifts have already been used up. A common such vehicle is called the grantor retained annuity trust (GRAT). Federal tax law specifically allows for this vehicle. Here the grantor places an asset in the trustone he expects will grow rapidly during the term of the trust.
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In municipalities with a large population and states that do not support tract indices, the Grantor/Grantee method can be time consuming and difficult altogether due to common names within the index. In these municipalities, a geographic index is often created to aid in title searching. In this system, each document is posted in both a Grantor and Grantee index in addition to being posted to indexes describing attributes of the property's location such as a lot number, subdivision name or Parcel Identification Number (PIN). With a functioning geographic index, a search can be done with a combination of a Grantor/Grantee, Legal Description or PIN search.
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It is, therefore, possible for a grantee to receive no actual interest, and - because a quitclaim deed offers no warranty - have no legal recourse to recover any losses. Further, if the grantor should acquire the property at a later date, the grantee is not entitled to take possession, because the grantee can receive only the interest that the grantor held at the time the transfer occurred. In contrast, other deeds often used for real estate sales (called grant deeds or warranty deeds, depending on the jurisdiction) contain warranties from the grantor to the grantee that the title is clear or that the grantor has not placed any encumbrance against the title. Because of this lack of warranty, quitclaim deeds are most often used to transfer property between family members, as gifts, placing personal property into a business entity (and vice versa) or in other special or unique circumstances.
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Estate Street Partners advocates that subsequent to the structure of the Ultra Trust is set-up, that a full market value consideration exchange is created to transfer or exchange property into the trust should be executed. The grantor achieves benefits by retaining a special limited power of appointment: (1) The grantor or any third party can gift or exchange unlimited assets to the trust at any time, (2) the assets held by the trust may be entitled to a step-up in basis, (3) the grantor pays the trust's income and capital gains taxes on assets owned by the trust, allowing the trust to grow tax free, (4) the grantor can put any domestic or foreign asset into the trust including LLC Membership Units, S-Corp shares, C-Corp shares, life insurance, CD's, cash-like instruments, real estate, and a personal residence while retaining all the tax benefits of home ownership if remaining a grantor- type trust. The Ultra Trust is a sophisticated and highly technical legal agreement. Its ability to achieve a particular goal or outcome is highly dependent upon the expertise of the author of such legal agreement and an individual's specific circumstances.
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In some jurisdictions, the rule survives, but only as a presumption or a rule of construction, that can be rebutted by evidence that the grantor meant otherwise.
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It supports a community of research scholars and an oral history program. As of 2012, it was the largest U.S. grantor of research fellowships for the history of science.
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The terms "business trust", "Massachusetts trust", and "unincorporated business organization" are not used in the Internal Revenue Code. (The terms "business trust" and "Massachusetts trust" are used in other Federal laws to clarify that they are to be treated as corporations under those laws.) The regulations require that trusts operating a trade or business be treated as a corporation, partnership, or sole proprietorship, if the grantor (also known as a "settlor" or "trustor"), beneficiary, or fiduciary (also known as a "trustee") materially participates in the operations or daily management of the business. If the grantor maintains control of the trust, then grantor trust rules will apply. Otherwise, the trust would be treated as a simple or complex trust, depending on the trust instrument.
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But, if there is a reversionary interest, the age of the grantor now comes into the valuation of the retained interest. Because now there is a possibility that the grantor will die within the retained term and the remainder beneficiaries will then receive nothing, the value of the retained term increases and the value of the remainder interest decreases (only the transfer of the remainder interest is subject to the gift tax, so it is beneficial to decrease its value). Following the expiration of the retained term, the residence is no longer included in the grantor's estate; provided that the grantor is not a beneficiary of the trust and does not have the right to rent the residence for less than fair market value.
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Executory interests usually arise when a grantor gives property to one person, provided that they use it a certain way. If the person fails to use it properly, the property transfers to a third party. There are two different types of executory interests: shifting and springing. Executory limitations transferring ownership from the grantor to a third party are called springing executory interests, and those that transfer from the grantee to a third party are called shifting executory interests.
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See: After The Fiscal Cliff Deal: Estate And Gift Tax Explained. Forbes. For a living trust, the grantor may retain some level of control to the trust, such by appointment as protector under the trust instrument. Living trusts also, in practical terms, tend to be driven to large extent by tax considerations. If a living trust fails, the property will usually be held for the grantor/settlor on resulting trusts, which in some notable cases, has had catastrophic tax consequences.
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If the retained interest is valued under Code section 7520, its value will be greater than zero, and the gift value is minimized. Code section 7520 values the remainder interest using the term of the trust, the life expectancy of the grantor and the 7520 rate in effect for the month of the transfer. The longer the term of the trust and the higher the 7520 rate, the lower the value of the gift. The age of the grantor also matters.
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Kentucky Revised Statutes Annotated § 381.218 (2006). A fee simple determinable does not violate the rule against perpetuities, since the interest in real property reverts to the grantor or his heirs, who are measuring lives.
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Schatz said that he would rather see FirstNet partner with states instead of "establishing a 'grantee-grantor relationship'". Wicker said he was concerned that the $7 billion budget for the program was not enough funding.
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The grantor never retains an ultimate future interest when there is an executory condition present. If the executory condition is never met, the original grantee retains the interest, while if the condition is met, the interest transfers to a third party. However, the grantor may have a future possessory interest. Executory interests are subject to the rule against perpetuities, which disqualifies any interest that can vest more than twenty-one years after the death of every party who was living at the time the interest was created.
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The Wealth Transfer Group is a consulting firm that provides estate planning services. They serve only clients with estates worth more than US$ 10,000,000. In 2006, the Wealth Transfer Group sued former Aetna CEO John Rowe for infringement of a tax patent.Norris Floyd, "Patent Law is Getting Tax Crazy", International Herald Tribune, October 19, 2006 The patent, , entitled "Establishing and managing grantor retained annuity trusts funded by nonqualified stock options", covers WTG's SOGRAT (Stock Option Grantor Retained Annuity Trust) system of minimizing gift tax.
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In some U.S. states and other jurisdictions, it is possible to grant a springing power of attorney; i.e., a power that takes effect only after the incapacity of the grantor or some other definite future act or circumstance. After such incapacitation the power is identical to a durable power, but cannot be invoked before the incapacity. This power may be used to allow a spouse or family member to manage the grantor's affairs in case illness or injury makes the grantor unable to act.
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The purpose of an Ultra Trust is to reposition assets from a person's legal ownership in order to limit one's exposure to potential future liabilities. The Ultra Trust legal entity is created with these legal principles: 1\. With respect to an irrevocable trust, a creditor of the grantor may reach the maximum amount that can be distributed to or for the grantor's benefit. 2\. A grantor can retain special limited powers of appointment without subjecting the assets owned by the Ultra Trust to creditors claims. 3\.
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Hypothetically, if "absolute" or "perfect" title were held by a grantee such that the grantor did not retain the equity of redemption, then the grantee/lender would theoretically not have need to foreclose upon the grantor/borrower, but rather might cure a default by simple means of eviction or "summary reposession". However, foreclosure, albeit extrajudicial, is found to be necessary in Georgia to cure a default. Because of the apparently self- contradictory nature of the Georgia statute, the Courts within Georgia have construed the operation of security deeds to mean that the grantor retains the equity of redemption, such that non- or extra-judicial foreclosure is necessary as a remedy for default on a loan. In order to be effectual, security deeds must be recorded in the county of Georgia within which the land is located.
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Strictly speaking, the Grantor of a trust is merely the person creating the trust,This article generally discusses personal trusts for individuals, as opposed to institutional trusts created by corporations, typically by or on behalf of foundations, endowments, and defined benefit or other qualified pension plans. An institution can be the grantor for an institutional trust as well, but this article's focus is on the use of trusts for individuals. usually by executing a trust agreement which details the terms and conditions of the trust. Such a trust can be revocable or irrevocable.
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Unlike most other property deeds, a quitclaim deed contains no title covenant and thus offers the grantee no warranty as to the status of the property title; the grantee is entitled only to whatever interest the grantor actually possesses at the time the transfer occurs. This means that the grantor does not guarantee that it actually owns any interest in the property at the time of the transfer,See generally Barron's Law Dictionary, pp. 381-382 (2d ed. 1984). or if it does own an interest, that the title is free and clear.
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In some jurisdictions, a durable power of attorney can also be a "health care power of attorney." This particular affidavit gives the attorney-in-fact the authority to make health-care decisions for the grantor, up to and including terminating care and life support. The grantor can typically modify or restrict the powers of the agent to make end-of-life decisions. In many jurisdictions a health care power of attorney is also referred to as a "health care proxy" and, as such, the two terms are sometimes used interchangeably.
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The grantor makes a gift to an irrevocable living trust. The trust beneficiaries are notified by the trustee that they have the power for a specified time period to withdraw some or all of the gift to the trust. 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 gift to the beneficiaries outright. The gift to the trust with the Crummey provision now qualifies for the annual gift exclusion.
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The Code, in section 411, permits the modification or termination of a non-charitable irrevocable trust if: (a) the grantor and all beneficiaries consent and (b) a court of proper jurisdiction approves it.UTC Section 411(a)(amended 2004). Prior to the 2004 amendment, the grantor and all trust beneficiaries could make such an amendment without court approval. However, commentary from the American College of Estates and Trust Counsel (ACTEC) concerning the potential estate tax ramifications of granting such power without court approval prompted the Uniform Laws Committee to amend the law and suggest revision to states in 2004.
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A defeasible estate is created when a grantor transfers land conditionally. Upon the happening of the event or condition stated by the grantor, the transfer may be void or at least subject to annulment. (An estate not subject to such conditions is called an indefeasible estate.) Historically, the common law has frowned on the use of defeasible estates as it interferes with the owners' enjoyment of their property and as such has made it difficult to create a valid future interest. Unless a defeasible estate is clearly intended, modern courts will construe the language against this type of estate.
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In United States trust law, an Ultra Trust is a registered trademark whose intellectual property is owned by Estate Street Partners LLC that describes a specific type of intentionally defective grantor-type irrevocable trust that includes an independent trustee as well as a special limited power of appointment. Unlike general powers of appointment, a special limited power of appointment within the Ultra Trust is limited to a specific person(s) who retains the benefit of the power (grantor) from the person in whom the power is vested (trustee). Generally, Ultra Trust's are used to reposition all types of assets for purposes of asset protection, as an Ultra Trust offers the ability to have an independent third party own assets previously owned by the grantor. An Ultra Trust is a legal entity with special provisions, benefits, and limitations created and drafted by an attorney who has expertise with debtor—creditor law, income tax law, gift tax law, and estate tax law, as well as trust law.
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In many other instances, especially after the death of the initial grantor, there will be different persons named to be trustee(s) or beneficiary(ies). There can be more than one of any of these "persons" in a trust at any one time.
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The term ground rent is applied in many U.S. states to a kind of tenure created by a grant in fee simple, the grantor reserving to himself and his heirs a certain rent, which is the interest in the money value of the land.
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The trust grows, but its "value" for estate tax purposes is "frozen" at the time of the transfer. If the trust grows substantially, the increase is not subject to estate tax (which is usually at a higher rate than the grantor's marginal income tax rate). # If the assets decrease in value, the grantor can sell them (leaving the sales price in the trust, or using it to acquire other assets for the trust). The grantor can then apply that loss to decrease the taxes that will be paid on other assets that have increased in value, but the value for estate tax purposes will not decrease.
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Fiduciary tax law is both federal (see the Internal Revenue Code) and state. For Federal income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (U.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the non-settlor beneficiary (e.g. the widow of a trust created by the late husband), whether or not the income is actually distributed (it happens), and complex trusts, which are, in general, all trusts that aren't grantor trusts or simple trusts.
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For IRS income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (I.R.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the non-settlor beneficiary (e.g., the widow of a trust created by the late husband), whether or not the income is actually distributed (which can occur), and complex trusts, which are, in general, all trusts that are not grantor trusts or simple trusts. Some trusts may alternate between simple and complex under certain conditions.
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The split interest character of the trust is as follows: the grantor retains the right to live in the house for a number of years, rent free, and then the remainder beneficiaries of the trust become fully vested in their interest. PRTs are similar by nature to other types of retained interest trusts, like GRITs, GRATs and GRUTs. Generally, if the grantor retains an interest in the trust, then for estate and gift tax valuation purposes, his retained interest is valued at zero. However, if the retained interest is "qualified" within the meaning of United States Internal Revenue Code ("Code") section 2702(b), its value is determined under Code Section 7520.
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Texas Property Code § 112.035(d). Further, laws in some states (like Texas) are worded so broadly that anyone transferring property to the trust might be deemed to be a "creator" (i.e., settlor, grantor, or trustor), not merely the person or persons who originally set up the trust.
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A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum that he has (such as the owner of a fee simple granting a life estate or a leasehold estate). Once the lesser estate comes to an end (the lease expires or the life estate tenant dies), the property automatically reverts (hence reversion) back to the grantor. A reversion interest is logically similar, but not legally identical, to the rights retained by someone who lends his property to another for a limited time. Although the bailee has the right to possess the property during the limited duration, these rights are neither permanent nor exclusive.
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UTC Section 602(a) & comment to Section 602. Generally, the Grantor is also the one charged with funding the initial assets into the trust, either through an instrument (i.e., deed, security certificates, accounts retitled into the trust's name) or by a declaration (i.e., for tangible personal property without a formal title).
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UTC Section 705(a). Also, in some instances, the trust instrument can specify that trustees can be removed. Any Grantor of a revocable trust would implicitly hold this power with a third- party trustee, given their power to amend or revoke the trust.See UTC Section 602(c), comment, p. 97.
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Cornell Law School. Web. 6 Oct. 2017. . The creator of a trust is often called the "trustor", "grantor", or "settlor" of the trust. A trust generally will not be treated as a spendthrift trust unless the trust agreement contains language showing that the creator intended the trust to qualify as spendthrift.
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A fee simple subject to an executory limitation is an estate that ends when a specific condition is met and then transfers to a third party. The interest will not revert to the grantor. If the condition is met, the grantee loses the interest and the third party gains it automatically.Kurtz, Sheldon.
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Once the trust is funded, typically the asset is sold and invested in a more diversified investment portfolio that can provide income or liquid securities to provide an "annuity" to one or two individual persons, based on a set percentage provided for under the trust instrument and under IRS regulations. The annuity can be set for a certain term of years or can last for the lifetime of individual beneficiary(ies). Then, after the annuity term expires, the principal of the trust goes outright to a charity or charities the grantor named in the trust document. If the trust meets the requirements of the IRS regulations, the grantor of the trust will receive a charitable income tax deduction for the calculated future value of the gift.
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Yakoob, Mir p. 166 The musta'min are subject to civil and criminal law in the territory and may not do or say anything that could be construed as harming the interests of Islam.Khadduri p. 168 If caught doing so, the musta'min could be expelled or executed and the amaan grantor could also be penalized.
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The ancient method of the Normans was a grant to the Church in frankalmoin. In English law after the Conquest, the lord remained a grantor after the grant of an estate in fee-simple. There was no land in England without its lord: "" was the feudal maxim. These grants were in turn subject to subinfeudation.
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Overwhelmingly, this is the creation of an index based on the names of the grantors (the persons conveying the interest) and of the grantees (those receiving the interest). This is called the grantor-grantee index. Also included are the dates the instruments are recorded. Many, if not most, such systems keep separate indexes for deeds and mortgages.
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The grantor of licenses, which in the case of many facilities is the California Department of Public Health, is responsible for investigating complaints and issuing fines. It has been criticized for lack of investigations and limited fines. In 2014, lawmakers held a hearing after investigative reporters raised concerns. Cases from 2001 were reportedly still open as of 2014.
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In many jurisdictions, quitclaim deeds are rarely used to transfer property from seller to buyer in a traditional property sale: the grantor and grantee have an existing relationship, or the grantor and grantee are the same person. But in others, such as Massachusetts, quitclaim deeds are the norm. Execution of a quitclaim deed is relatively simple, and requires little more than both parties signing the deed and, if required in the state where it is executed, having the deed notarized, acknowledged before a notary or with a jurat signed before a notary. A jurat, also known as a verification upon oath or affirmation, is a form of notarization in which the affiant appears before a notary, swears to the truth of the contents of the document, and signs the document in front of the notary.
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A layman or straw man is a figure not intended to have a genuine beneficial interest in a property, to whom such property is nevertheless conveyed in order to facilitate a transaction. The unity of time rule requires a joint tenancy be granted both parties at the same time. When the current owner of a property wishes to create a joint tenancy with another party, the grantor conveys the property to a strawperson (often a lawyer or the lawyer's secretary), who in turn creates a second deed conveying property to the original grantor and their desired joint tenant(s). Strawpersons sometimes engage in straw purchases to protect the privacy of the beneficial owner or to allow the beneficial owner to acquire a property when the seller's rules, policies or biases might not have allowed it.
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Another common use is to partition land. This form of deed poll is commonly used in Hong Kong. A deed poll may also be used (in England and Wales) for clergy of the Church of England to relinquish their holy orders. Bonds, powers of attorney, and wills are also good examples of deed polls as they are made by grantor alone.
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The doctrine of assignor estoppel is a doctrine of United States patent law barring a patent's seller (assignor) from attacking the patent's validity in subsequent patent infringement litigation. The doctrine is based on the doctrine of legal estoppel, which prohibits a grantor (typically, of real property) from challenging the validity of his/her/its grant. In Diamond Scientific Co. v. Ambico, Inc.
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The Wealth Transfer Group owns a patent covering different methods for managing SOGRATs. A SOGRAT is a GRAT that is at least partially funded with stock options. The patent number is , and is entitled "Establishing and managing grantor retained annuity trusts funded by nonqualified stock options". On 12 January 2011, the director of the USPTO initiated a reexamination of US patent 6,567,790.
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A financial process is said to be tax efficient if it is taxed at a lower rate than an alternative financial process that achieves the same end.Investor Words definition of "tax efficient" Passing one's assets onto one's heirs using a Grantor Retained Annuity Trust, for example, is potentially more tax efficient than simply letting the heirs inherit the assets directly.
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The 1848-built station at an unknown date The Hartford and New Haven Railroad (H&NH;) opened from New Haven to Meriden in December 1838, and to Hartford in December 1839. The first ticket office was located about south of the modern location, possibly in a general store. It was replaced by a wooden station at the modern site in 1848, after the original first depot was vacated and sold to Daniel C. Spencer sometime between 1840 and 1855, which he used a steam wheel shop until March 1, 1871. Spencer sold the property the "steam wheel shop" was on to William Daniels who stated in the deed that "said shop is to be removed from the premises at the convenience of the grantor".Berlin, Index to Land Records, Grantor, A to Z, 1785 - 1850, Pg. 626, (line 20), Vol.21,Pgs.
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Retrieved August 6, 2013 via New Advent. The precarium is thus a free gift made on request (or precarius, whence "prayer") and can be revoked. The grantor can reclaim the land and evict the grantee at any time, and the grantee's hold on the land is said to be "precarious". (The adjectival form "precarial" is also used.) The precarium arose in the late Roman Empire.
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Johnson and others (respondents) claimed title to a tract of land under the Mexican government. Their grantor, Chaves, had received a deed in 1845 from Pio Pico, a Mexican governor of California. The deed recited that "the necessary steps and investigations were previously taken and made in conformity with the requirements of laws and regulations."The title of Chaves was found among the archives.
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Second, the trust must have some "definite beneficiary"UTC Section 402(a)(3).a person or class of persons whose identity can be determined in some fashion. The persons' specific identities need not be "known" at the time the grantor creates the trust; it will be sufficient if the persons can be "readily ascertainable" within a certain time period.UTC Section 402, comment, p. 53.
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Id. For a revocable trust, the grantor retains the power to direct transactions for the trust, even if a third party serves as the trustee.UTC Section 808(a). This may even include situations where there may be a conflict in the grantor's direction and the actual terms of the trust. In an irrevocable trust, there has developed a growing use of a so-called trust protector.
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The act of recalling or annulling, the reversal of an act, the recalling of a grant, or the making void of some deed previously existing. This term is of wide application in canon law. Grants, laws, contracts, sentences, jurisdiction, appointments are at times revoked by the grantor, his successor or superior according to the prescriptions of law. Revocation without just cause is illicit, though often valid.
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In calculating gift tax for the creation of a GRAT, the grantor's estate's contingent interest in the annuity payments upon the grantor's death should be considered a retained interest of the grantor, not as a gift to someone. The court sided with Audrey, but declined to make specific gift-tax calculations because timing disagreements remained that could best be dealt with through Rule 155 proceedings.
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Legal estoppel is a principle of law, particularly United States patent law, that an assignor or grantor is not permitted subsequently to deny the validity of title to the subject matter of the assignment or grant. Originally a principle of real property law, applicable to deeds of land and called estoppel by deed, the Supreme Court extended legal estoppel to patents in Westinghouse Elec. & Mfg. Co. v.
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The second category involves those cases where a specifically enforceable contract to create an easement has taken effect but the easement has not been granted. Here, the regular principles of equity will operate to bring about an easement, since "equity regards as done those things which ought to be done".Barnsley (1999). p. 101. The third category is where the grantor holds only an equitable interest himself.
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James Hamilton of Evendaill was the grantor. The King in 1611 granted James, Duke of Hamilton, "2 mercat. de Bruntwode, cum molendinis, tenentibus:..etc.." in the Bailliary of Kyle Stewart. In 1618 the King grants George and Hugh Campbell "...2 mercatas land of Bruntwood in parish of Ricartoun..." belonging to James, son and heir apparent of James Hamilton of Evendaill; Margaret Cunningham was his future wife.
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A third type of deed, known as a bargain and sale deed, implies that the grantor has the right to convey title but makes no warranties against encumbrances. This type of deed is most commonly used by court officials or fiduciaries that hold the property by force of law rather than title, such as properties seized for unpaid taxes and sold at sheriff's sale, or an executor.
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The key difference between a reversion and a remainder is that a reversion is held by the grantor of the original conveyance, whereas "remainder" is used to refer to an interest that would be a reversion, but is instead transferred to someone other than the grantor. Similarly to reversions, remainders are usually created in conjunction with a life estate, life estate pur autre vie, or fee tail estate (or a future interest that will eventually become one of these estates). Usage note: Although the term reversion is sometimes used to refer to the interest retained by a landlord when he grants possession to a tenant, not all real estate professionals can agree on the correctness of this usage of the term. Few people would refer to such a transferred interest as a remainder, so this type of "remainder" tends not to be a problem when discussing property rights.
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The rights of the fee-simple owner are limited by government powers of taxation, compulsory purchase, police power, and escheat, and may also be limited further by certain encumbrances or conditions in the deed, such as, for example, a condition that required the land to be used as a public park, with a reversion interest in the grantor if the condition fails; this is a fee simple conditional.
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Therefore, an alternative method is to reverse the process, i.e. to search backward in the grantee index. This is done by beginning with the name of the person or entity who is thought to own the land to find the grantor to it. Then the grantee index is searched again to find the source of that grantor's title, and so on until you reach the grant from the sovereign.
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Id., Section 402(a)(1). Also, if the grantor was "forced" to create the trust due to fraud, duress or undue influence, it is deemed void.UTC Section 406. Nearly all trusts created by individuals are the subject of some type of writing (either a trust agreement or a will), which provides evidence of not only the intent to create the trust, but the intended operative terms of it.
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With the exception of certain charitable trusts that can run perpetually, virtually all trusts with individual beneficiaries must end at a date certain. Of course, if a grantor has the power to do so, a trust terminates when it is revoked.UTC Section 410(a), 602. Grantors also may amend the trust as they see fit during their lifetime, so long as they continue to retain the capacity to do so.
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A revocable trust is one in which the settlor retains the ability to alter, change or even revoke the trust at any time and remove funds from it at any time. It is sometimes also referred to as a grantor trust. See below. Unlike under older common law rules, the Uniform Trust Code presumes that all trusts are revocable unless the terms of the trust specifically state otherwise.
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The church was used for about forty years, after which it was abandoned and the building was torn down. The church cemetery was still in use in 1990, maintained by a voluntary association including descendants of the original grantor. For many years the cemetery was marked by a grove of huge cedar trees. Local legend says that during the Civil War the Confederacy had a campground near the cemetery.
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Once the Moorefield and Virginia Railroad Company acquired the line, the remaining link to Petersburg was completed and the full length of the railroad's course in the South Branch Valley had been finished. William Cornwell, along with Eugene Ailes (son-in-law to John J. Cornwell), retained their interests in the railroad through their grantor company. After a brief ownership, Moorefield and Virginia transferred the line to the Baltimore and Ohio Railroad Company.
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In a legal terminology, Terms can have different meanings, depending on the specific context. In Trust Law, Terms generally refers to the Terms of the Trust, meaning the explicit written intention of the Grantor of a Trust. Terms are limited to provisions expressed in a way that makes them like proof in court. Terms of a Trust are most clear when they are explicit within the four corners of the Trust Instrument.
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A deed records an event of property transfer, a mortgage documents the collateral interest of a home loan, and a lien documents a claim against the property in favor of another, such as a creditor, vendor, or tradesman. The objective of the title search is to establish clear, marketable title by exposing any outstanding claims prior to transfer of title. Each recorded document must name the parties involved, e.g., grantor and grantee.
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In modern Greek the word χορηγός is synonymous with the word "grantor".Pring, p. 214 Choregoi were appointed by the archon and the tribes of Athenian citizens from among the Athenian citizens of great wealth. Service as a choregos, though an honor, was a duty for wealthy citizens and was part of the liturgical system designed to improve the city-state's economic stability through the use of private wealth to fund public good.
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Power of attorney A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. The person authorizing the other to act is the principal, grantor, or donor (of the power). The one authorized to act is the agent,Under Louisiana state law only, the agent is referred to as a "mandatary". See Louisiana Civil Code Art.
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See Section 16 of Act 122 of 200З "On state registration of interests in immovable property and related transactions" (in Russian) A power of attorney must also be dated, pursuant to article 186 of the Russian Civil Code. Any POA without an express date of execution is void. ;Predstavitelstvo, Doverennost A power of attorney cannot be irrevocable. The grantor may terminate the POA at any time, at his or her sole discretion.
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Barnes & Noble, Inc., 269 Ga. 695, 697(2), 506 S.E.2d 116 (1998): "[A] grantor who conveys by warranty deed an interest that he does not then own, but later acquires, will be estopped to deny the validity of the first deed. It is generally understood, however, that this doctrine cannot be used to transfer title or to cure flaws in the legal requirements for the creation of a property interest." 3\.
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The first two verses of chapter 1 of the Mudgala Upanishad assert Vishnu to be omnipresent in space and time. The text thereafter asserts that Vishnu (Hari) to be the grantor of liberation, from whom all of Prakriti and Purusha were born. Vishnu, states the text using the words of the Purusha sukta, sacrificed himself and thus became Brahman and Atman (individual soul). Thus arose the world of living beings, asserts the text.
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This is usually in the form of a patent. Then, the grantee's name is searched in the grantor index to find the deed by which it has subsequently conveyed the title, and so forth until no more grants are found. Liens or encumbrances granted by any of the parties shown on recorded instruments are also found in the search. Though theoretically accurate, this approach has practical difficulties due to there often being numerous grants from the sovereign.
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A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor or "grantor" of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust arises when a bank account is titled in the form "[depositor], in trust for [beneficiary]".
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A business identity seal, also known as a Verified Existence Seal, is one which verifies the legal, physical and actual existence of the business by verifying multiple parameters such as statutory details, contact details, management details, etc. Verified existence Trust seals add weight to the profiles of the deployers and boost confidence of prospective clients. A major benefit of a verified Trust seal is that it represents due diligence by the grantor before granting a certificate for the business.
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Section 1 provides that all leases, estates, and interest in freehold or term of years created by livery and seisin or parole not in writing signed by the maker shall have the effect as an estate of lease at will. Section 2 excepts from section 1 all leases not exceeding three years in term where rent equals two thirds of the value of the improved land. Section 3 provides that all leases, estates, and interest in freehold or term of years assigned granted or surrendered must be by deed or note in writing signed by the grantor or his agent or by operation of law. Section 7 provides that all conveyances in trusts of land must be in writing signed by the maker or by will. Section 9 provides that all grants and assignments of trusts in land must be in writing signed by the grantor or by will. Section 8 excepts from section 7 and 9 trusts that arise or result by implication of construction of law i.e.
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Another is to prevent the use of the property from being held up in litigation. There are two exceptions to the shelter rule: # Where the property is reconveyed by the good faith purchaser to an original grantor who had notice of an outstanding interest in the property. # Where the property is conveyed by the good faith purchaser to a person who had violated a trust or duty with respect to the property. The shelter rule also applies to the transfer of negotiable instruments.
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A transfer or licence may have to meet particular formal requirements in order to be effective, for example under the Australian Copyright Act 1968 the copyright itself must be expressly transferred in writing. Under the U.S. Copyright Act, a transfer of ownership in copyright must be memorialized in a writing signed by the transferor. For that purpose, ownership in copyright includes exclusive licenses of rights. Thus exclusive licenses, to be effective, must be granted in a written instrument signed by the grantor.
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Id., comment, p. 58. A trust funded with real estate may be required to have a deed evincing transfer into such a trust, even if the trust itself is not subject to a writing, due to the Statute of Frauds. Id. Such oral trusts are extremely rare in modern practice. Occasionally, the intent to create a trust is manifested not by a writing per se but by the circumstances in which the "grantor" has entrusted the care of property to another party.
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She earned a qualification in Global Business Enterprise from the University of Oxford in 2016. She was awarded the Associated Press Television & Radio Association scholarship for excellence in 2007. Born in Melbourne, Australia, Field founded a chapter of TedX in Malibu, California, highlighting women speakers with compelling stories to tell. She volunteers as a wish grantor with the Make-a-Wish Foundation of Greater Los Angeles and as a Champion of the Pepperdine University Microenterprise Program mentoring underprivileged entrepreneurs-in- training.
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2989 attorney, or in some common law jurisdictions, the attorney-in-fact. Formerly, the term "power" referred to an instrument signed under seal while a "letter" was an instrument under hand, meaning that it was simply signed by the parties, but today a power of attorney does not need to be signed under seal. Some jurisdictions require that powers of attorney be notarized or witnessed, but others will enforce a power of attorney as long as it is signed by the grantor.
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Asset location (AL) is a term used in personal finance to refer to how investors distribute their investments across savings vehicles including taxable accounts, tax-exempt accounts (e.g., TFSA, Roth IRA, ISAs, TESSAs), tax-deferred accounts (e.g., Canadian RRSP, American 401(k) and IRAs, British SIPPs, Irish Personal Retirement Savings Accounts (RPSA), and German Riester pensions), trust accounts (e.g., grantor retainer annuity trusts, generation- skipping trusts, charitable remainder trusts, charitable lead trusts), variable life insurance policies, foundations, and onshore vs.
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Residence trusts in the United States are used to transfer a grantor's residence out of the grantor's estate at a low gift tax value. Once the trust is funded with the grantor's residence, the residence and any future appreciation of the residence are excluded from the grantor's estate, if the grantor survives the term of the trust, as explained below. Personal residence trusts ("PRTs") are irrevocable split interest trusts. The transfer of the residence to the trust constitutes a completed gift.
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If previous grantors of a fee simple estate do not create any conditions for subsequent grantees, then the title is called fee simple absolute. A fee simple absolute is the highest estate permitted by law and it gives the holder full possessory rights and obligations now and in the future. Other fee simple estates in real property include fee simple defeasible (or fee simple determinable) estates. A defeasible estate is created when a grantor places a condition on a fee simple estate (in the deed).
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The recorder of deeds provides a single location in which records of real property rights are recorded and may be researched by interested parties. The record of deeds often maintains documents regularly recorded by the recorder of deeds, including deeds, mortgages, mechanic's liens, releases and plats, among others. To allow full access to deeds recorded throughout the office history, several indexes may be maintained, which include grantor–grantee indexes, tract indexes, and plat maps. Storage methods to record registry entries include paper, microform, and computer.
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The Code also contains a provision to allow a trustee with a trust that has a marginal sum of assets to terminate it. After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $50,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.UTC Section 414. This default rule can be changed by the grantor in the trust agreement itself.
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From both a historical and practical perspective, trusts have generally been designed to have only one grantor. This is due to the complications that can arise, particularly in non-community property jurisdictions, in determining the nature of property deposited into the trust and the proportionality of the multiple grantors' contributions within it.See UTC Section 602, comment, p. 96. However, a growing trend for husbands and wives is to create "joint trusts" where both are "grantors" of the trust, thus mirroring the familiar concept of joint tenancy ownership.
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Every adult person has the right to apply for credit, but no-one has the right to be granted credit. A credit grantor may choose to refuse credit for reasonable business reasons, but may not unfairly discriminate against a consumer relative to other consumers on the grounds of race, religion, pregnancy, marital status, ethnic or social origin, gender, sexual orientation, age, disability, culture, language, etc. A consumer may ask for reasons for the refusal of credit, which must be given by the credit provider in writing.
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This was detailed in two books, "BOHICA" by Scott Barnes an ISA operative on this mission and "Kiss the Boys Goodbye" by Monkia Stevenson both detailed the covert mission of Operation Grand Eagle. In 1989, the then USAISA commander John G. Lackey sent a telex "terminating" the USAISA term and his special access program Grantor Shadow. Colonel John Lackey served as unit commander from 1986 to 1989. However, the unit continued under a series of different Top Secret codenames which are changed every two years.
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If a springing power is used, the grantor should specify exactly how and when the power springs into effect. As the result of privacy legislation in the U.S., medical doctors will often not reveal information relating to capacity of the principal unless the power of attorney specifically authorizes them to do so. Determining whether the principal is "disabled" enough to initiate this type of representation is a formal process. Springing powers of attorney are not automatic, and institutions may refuse to work with the attorney-in-fact.
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De Brantingham's daughter, Thomasina, married Thomas de Salkok and bore him two sons, Thomas and John. Thomasina de Salcock adopted the Sawcock coat of arms, three cocks, and used a seal bearing a cock in 1387 on a document found at Arncliff Hall in Arncliffe, North Yorkshire.Surtees: 294, n. 3 After Thomas de Salkok senior died, de Brantingham granted Thomasina, for her life, the manor of Salkok, in return for payment to the grantor, during his life, of 100 shillings at Whitsuntide and Martinmas.
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The FoMoPe is managed by a technical committee composed of representatives from the executive branch and four independent members, all appointed by the Federal Executive with the approval of two thirds of members of the Senate. Government representatives include the secretaries of finance and energy, treasury and the governor of the central bank. The secretary of finance acts as the chairman of the governing body. The Ministry of Finance and Public Credit acts as the grantor of the fund while Banco de Mexico serves as trustee.
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Ottoman waqf (religious endowment) documents from 1838 and likely as early as the 16th century, historical accounts and local folklore hold that Deir al-Asad was granted to the 16th- century Sufi sage Shaykh Muhammad al-Asad, who was also known as Ibn Abd Allah al-Asadi, and bore the alternative epithets al-Safadi (of Safed) or al-Biqa'i (of the Beqaa Valley).Layish 1987, pp. 61–63, 68. The waqf documents maintain that Sultan Selim I () was the grantor, while the Ottoman historian al-Biruni (d.
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In 1764 a chancery action was brought against him by a Yorkshire lady, who had given him a sum of money and executed a deed securing to him an annuity of £5. It was alleged that Relly had fraudulently obtained these benefits while the grantor was in a state of religious frenzy. Under an order of the court the deed was cancelled and the money refunded. Shortly afterwards Relly removed to a meeting-house in Bartholomew Close (formerly presbyterian), which had just been vacated by Wesley.
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In 1996, Zenkaren constructed the 2 billion yen Heartpia Kitsuregawa in Sakura, Tochigi Prefecture, a hot spring (spa) hotel with a vocational rehabilitation facility. The cost was covered in part by grants, government subsidies and loans. After Zenkaren was found to have misused funds for personnel expenses and debt repayment it declared itself unable to meet its loan obligations, return the misused moneys to the government and the Nippon Foundation (a grantor) and pay penalties; therefore it declared bankruptcy and dissolved itself on April 17, 2007 (Zenkaren files for bankruptcy, 2007).
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A second disadvantage to the grantor is that provision for any remainderman (or men) (party C) is irrevocable without the remainderman's consent. "Beneficiary deeds" have been statutorily created in some states to address this issue. The intestacy laws of certain American states, such as Arkansas, Delaware, and Rhode Island limit the surviving spouse's rights (inheritance) to the deceased spouse's real estate to a life estate. Louisiana, applying civil law, has a similar default provision in intestate successions called a usufruct, which is only over community property and ends with the earlier of death or remarriage.
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History of the Isle of Wight, London, 1781, appendix LXVI As the above example makes clear it was a freehold tenure as it was held in perpetual possession, which is equivalent to "hereditable" in secular terms. Religious houses in receipt of free alms could not recognise a secular lord. The gift of land or other property made over to God and to a patron Saint was inalienable, and the relationship between the grantor and the religious house was subsidiary. In the 12th century the institution came to be misused.
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In the years that followed, Penn State grew significantly, becoming the state's largest grantor of baccalaureate degrees and reaching an enrollment of 5,000 in 1936. Around that time, a system of commonwealth campuses was started by President Ralph Dorn Hetzel to provide an alternative for Depression-era students who were economically unable to leave home to attend college. In 1953, President Milton S. Eisenhower, brother of then-U.S. President Dwight D. Eisenhower, sought and won permission to elevate the school to university status as The Pennsylvania State University.
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Changes in the law or circumstances surrounding the formation of the trust after the death of the grantor may dictate changes in the terms of the trust (or the termination of the trust itself.) The most infamous example would be beneficiaries who clamor against the trustee to "bust the trust" based on the strict limits the trust (or the trustee) may impose on the trust assets. In many of these cases, the UTC provides beneficiaries (and trustees) relief to provide the flexibility needed to dispose of trust property under certain rules.
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Once appropriately delegated under Section 807(a), the duty to exercise reasonable care in performing that function then shifts from the trustee to the agent, and the trustee is no longer liable for any act or omission undertaken by the agent.UTC Section 807(b),(c). Many trusts provide for trustees to use discretion in the distribution of trust assets to beneficiaries. Often, if the grantor is particularly wary of the spendthrift nature of the beneficiaries, he or she may give the trustee extremely broad powers to distribute or not distribute funds.
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He also has estate tax problems since his net worth when he dies is likely to be $10 million or more. His attorney drafts a GRAT in which he places $2 million of the single company's stock. The document calls for the smallest legal interest rate (published monthly by the Federal Government), which is then paid through the term of the trust. Upon the termination of the trust, the annuity has been paid back to the grantor and the remaining corpus is delivered to the remaindermen (typically children) without tax.
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One grant received by the American Indian Education Center received in 2012 carried over into 2013. However, the rant was terminated by the grantor, the Ohio Department of Education, which decided that the program being funded by the grant was ineffective. Roche also made an attempt to open a second education center for American Indian people in the city of Columbus, Ohio in spite of financial difficulties faced during 2012. Although he cited poor health and financial difficulties, Roche registered a 1989 Jaguar in the "unfinished" Columbus Center's name in December 2012.
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First the court noted that IRC § 2702 provides a formula for gift valuation: "(Value of property transferred) - (value of any qualified interest retained by the grantor) = value of gift." Then court reasoned that "[i]t is axiomatic that an individual cannot make a gift to himself or to his or her own estate." Consequently, "by default [Audrey] retained all interests in the 2-year term annuities set forth in the trust documents," even though the annuity payments would belong to her estate in the event she died within the two-year period.
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Disputes are then resolved in court. Unless the power of attorney has been made irrevocable by its own terms or by some legal principle, the grantor may revoke the power of attorney by telling the attorney-in-fact it is revoked. However, if the principal does not inform third parties and it is reasonable for the third parties to rely upon the power of attorney being in force, the principal might still be bound by the acts of the agent, though the agent may also be liable for such unauthorized acts.
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The responsibility of trustees does not depend upon the validity of the title of the grantor of the trust property. If the right or interest transferred to them can be sold for a valuable consideration, it is to be treated as property, and corresponding duties devolve upon the trustees with respect to its sale as upon the sale of property, the title of which is undisputed. The decree of the lower court was reversed, and the cause remanded, with directions to enter a decree in conformity with this opinion; and was so ordered.
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A Qualified Subchapter S Trust, commonly referred to as a QSST Election, or a Q-Sub election, is a Qualified Subchapter S Subsidiary Election made on behalf of a trust that retains ownership as the shareholder of an S corporation, a corporation in the United States which votes to be taxed. A trust is eligible to hold S corporation stock if it is a Subpart E trust ("grantor trust"), a testamentary trust, a voting trust, a qualified Subchapter S trust ("QSST"), or an electing small business trust ("ESBT").
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Peter Smith J held that Bocardo's title extended to the substrata beneath the land's surface, and though the pipelines cause not damage, nor affected enjoyment, there was a trespass. Under the Mines (Working Facilities and Support) Act 1966 s 8(2) compensation would be based on ‘what would be fair and reasonable between a willing grantor and a willing grantee’. He awarded £621,180, calculated at 9% of the value of the oil extracted between July 2000 and December 2007, and continuing damages for trespass based on the same.
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Covenants for title are covenants which come with a deed or title to the property, in which the grantor of the title makes certain guarantees to the grantee. Non-compete clauses in the United States are also called restrictive covenants. Landlords may seek and courts may grant forfeiture of leases such as in leasehold estates for breach of covenant, which in most jurisdictions must be relatively severe breaches; however, the covenant to pay rent is one of the more fundamental covenants. The forfeiture of a private home involves interference with social and economic human rights.
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In law a settlor is a person who settles property on trust law for the benefit of beneficiaries. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. Where the trust is a testamentary trust, the settlor is usually referred to as the testator. The settlor may also be the trustee of the trust (where he declares that he holds his own property on trusts) or a third party may be the trustee (where he transfers the property to the trustee on trusts).
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PEG channels may be run by public grassroots groups, individuals, private non-profits, or government organizations. Policies and regulations are subject to their own ordinances and community standards, initially defined within the individual franchise agreements between community (government) franchise grantor and system operator. While many of these agreements are similar boilerplate, motivated individuals and groups have been able to make creative stipulations to serve an individual community's needs. Services available at public-access television organizations are often low cost or free of charge, with an inclusive, content neutral, first-come, first- served, free speech ideology.
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The United States Internal Revenue Service has a number of regulations governing how the remaining value of the trust at the end of the term (or at the death of the grantor) is taxed. When the GRAT is first set up, a "gift value" of the GRAT is calculated. The gift value is set equal to the initial contribution to the GRAT plus a theoretical interest earned on the principal, minus the annuity payments that would be made through the end of the term. The theoretical rate of interest is determined by IRS regulations.Treas. Reg.
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Introduction to the Law of Real Property, 4th Ed. (2005) p. 48. Example: O grants Blackacre to A and A's heir; but if A ever accepts a candy bar from C, then to B and B's heirs. Here, O is the original owner. She grants A a fee simple subject to the subsequent condition that he doesn't accept a candy bar from C. However, unlike a fee simple subject to a condition subsequent, Blackacre goes to a third party (B) instead of the grantor (O) if the condition is met.
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When it came time to allot tribal lands to individuals, Johnston had to review and sign each claim. Former Oklahoma Governor William H. Murray in his eulogy of Johnston on June 29, 1939, said:"Surviving Chickasaw Fall." Accessed September 23, 2015 > Every allotment, every town lot, every parcel of land sold or transferred > from the Nation from west of Duncan and Chickasha to Arkansas, every foot of > land south of the Canadian River bears the name of Douglas H. Johnston as > grantor, representing sovereignty of that soil. That, in itself, is a > monument.
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However, the Hale Index lists the last marked interment as that of Herbert Kinney, died August 24, 1916. In order to improve and enlarge the cemetery, the Kinne Historical and Genealogical Society was incorporated by special act of the Connecticut General Assembly in 1884. In 1887, the land adjacent to the Glasgo Pond was purchased by the society, though the boundary of by does not match the town's record. The land's grantor, Nathan B. Lewis, purchased the land thirty years prior in 1857 from a Kinne family connection, Alexander Steward.
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For example, if the grantor conveys a time share interest or an interest less than fee simple absolute, the habendum clause would specify the owner's rights as well as how those rights are limited (a specific time frame or certain prohibited activities, for instance). Many states, such as Pennsylvania, require a deed to have a habendum clause in order for the deed to be officially recorded and recognized by the Recorder of Deeds. Habendum clauses are also found in leases, particularly oil and gas leases. The habendum clause can define how long the interest granted will extend.
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After describing the operation of the principle in various types of case involving land, he stated: "I see no reason why the principle that a grantor will not be allowed to derogate from his grant [of land] by using property retained by him in such a way as to render property granted by him unfit or materially unfit for the purpose for which the grant was made should not apply to the sale of a car." This decision also re-affirmed the ruling in LB (Plastics) Ltd. v. Swish Products Ltd.,[1979] R.P.C. 551, [1979] F.S.R. 145 (H.
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The Act doesn't protect leases under a period of 6 months which hold no scope to renew. Both parties can agree not to be covered. Additionally, a tenancy granted by reason of employment by the grantor is excluded from the Act - providing that there is clear agreement in writing which states the purpose of the tenancy In Graysim Holdings Ltd v P.&O.; Property Holdings Ltd[1996] 1 AC 329 the House of Lords considered the situation of a lease of a market hall to a tenant who then let individual market stalls to market traders.
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Standardized forms are available for various kinds of powers of attorney, and many organizations provide them for their clients, customers, patients, employees, or members. However, the grantor should exercise caution when using a standardized POA form obtained from a source other than a lawyer because there is considerable variation in approved formats among the states. In some jurisdictions statutory power of attorney forms are available. For example, see the California Statutory Form Power of Attorney, New York Form Power of Attorney and Wisconsin Form Power of Attorney, Ontario Power of Attorney, and England and Wales Lasting power of attorney.
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In certain civil law jurisdictions (e.g., France, Quebec, Mexico, etc.), the patrimoine d'affectation is property, assets, or a legal estate that can be divided for a fiduciary purpose, as being distinct from a person's general assets. It is similar in some respects to the way under common law property is held, managed, or invested in trust by a trustee for the benefit of third parties (beneficiaries). The affected property remains outside the grantor's assets; therefore, even if the grantor goes bankrupt, becomes insolvent, or incurs liabilities, the property remains untouchable and may continue to benefit the intended beneficiaries.
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It is possible for a single individual to assume the role of more than one of these parties, and for multiple individuals to share a single role. For example, in a living trust it is common for the grantor to be both a trustee and a lifetime beneficiary while naming other contingent beneficiaries. Trusts have existed since Roman times and have become one of the most important innovations in property law. Trust law has evolved through court rulings differently in different states, so statements in this article are generalizations; understanding the jurisdiction-specific case law involved is tricky.
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A security agreement, in the law of the United States, is a contract that governs the relationship between the parties to a kind of financial transaction known as a secured transaction. In a secured transaction, the Grantor (typically a borrower but possibly a guarantor or surety) assigns, grants and pledges to the grantee (typically the lender) a security interest in personal property which is referred to as the collateral. Examples of typical collateral are shares of stock, livestock, and vehicles. A security agreement is not used to transfer any interest in real property (land/real estate), only personal property.
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To escape valuation under Code section 2702 (i.e., retained interest valued at zero), a PRT must comply with the following two primary requirements: (i) the trust may hold only one residence which must be used as the grantor's personal residence during the term of the trust; and (ii) the trust may not allow the sale of the residence during the term of the trust. Additionally, following the expiration of the residence term, sale to grantor or grantor's spouse is also prohibited. The inability to sell the residence is a major restriction on the flexibility of a PRT and usually makes QPRTs more desirable.
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In property law: Main Article: Fee simple subject to condition subsequent A right in land may be cut off by a condition subsequent. When land rights are subject to a condition subsequent, this creates a defeasable fee called a Fee simple subject to condition subsequent. In such a fee, the future interest is called a "right of reentry" or "right of entry." There, the fee simple subject to condition subsequent does not end automatically upon the happening of the condition, but if the specified future event occurs, the grantor has a right to retake his property (as opposed to it reverting to him automatically).
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Appellant United States challenged a decision from the District Court of the United States for the Southern District of California, which affirmed a decision from the Board of Commissioners in favor of respondents, several claimants to California land who claimed title under the Mexican government through a common grantor. The issue was whether the petition for confirmation of the claim was rightly granted and affirmed. The grantor's title, which was not disputed before the Commissioners or the district court, was first objected to on appeal to the court. The government contended that the governor and secretary should have been called as the proper witnesses to authenticate their own acts.
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Paxton "Textual Communities" Anglo-Norman Studies XXVI p. 124 The historian Jennifer Paxton argues that increasing pilgrimage to the monastery was one of the main goals of the compilers of the Liber.Paxton "Textual Communities" Anglo-Norman Studies XXVI p. 128 Another concern of the chronicle was the acquisition of land by the abbey. The work incorporates three pre- existing inventories of the abbey's possessions, and records each gift to the abbey, giving the grantor and occasionally details of the grantor's life. This detailed record of the various rights and possessions of the abbey was useful if those possessions needed to be defended against outside or inside conflicts.
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"Qualified beneficiaries" are defined as a beneficiary who, on the date the beneficiary's qualification is determined: (A) is a distributee or permissible distributee of trust income or principal; (B) would become a distributee or permissible distributee of trust income or principal if a present distributees' interest ended on that date without causing the trust to terminate; or (C) would become a distributee or permissible distributee of trust income or principal if the trust did terminate on that date.See UTC Section 103(13). Essentially, this means that future beneficiaries (i.e., children or grandchildren) might be exposed to information that the grantor only intended to pass to the current beneficiaries.
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The latter property matches a deed dated June 25, 1870, for real estate sold to Henry Hart for $1300.00. The card catalogs for Vanderburgh County Grantee Index of Deeds and Grantor Index of Deeds show that during the years 1870 to 1908 there were several property transactions in which individual grantors were Henry, Sarah, and Angeline. In 1870, a daughter named Lillian was born to the Harts, but she did not survive infancy. Lillian was buried at Oak Hill Cemetery in a family lot which now includes Henry, Sarah, and several of their daughters, as well as Angeline Selden, who died in New Orleans in 1875.
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The grantor purports to convey > the right to exclude others, in the one instance, from a defined tract of > land, and in the other, from a described and limited field of the useful > arts. The difference between the two cases is only the practical one of > fixing exactly what is the subject matter conveyed.’’Westinghouse’’, 266 > U.S. at 348-50. He then quoted a lower court opinion to clarify the limits of the doctrine: > It seems to be well settled that the assignor of a patent is estopped from > saying his patent is void for want of novelty or utility, or because > anticipated by prior inventions.
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SPDR Gold Shares, a gold exchange-traded fund, is a grantor trust, and each share represents ownership of one-tenth of an ounce of gold. Most commodity ETFs own the physical commodity. SPDR Gold Shares () owns over 40 million ounces of gold in trust, iShares Silver Trust () owns 18,000 tons of silver, Aberdeen Standard Physical Palladium Shares () owns almost 200,000 ounces of palladium, and Aberdeen Standard Physical Platinum Shares ETF () owns over 1.1 million ounces of platinum. However, many ETFs such as the United States Oil Fund by United States Commodity Funds () only own futures contracts, which may produce quite different results from owning the commodity.
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Lampeter Castle lies beside one of the main trade routes between South and North of Wales, people settled nearby and the market town of Lampeter came into existence over time. It is not known who originally built the castle but in 1146, it was captured by Cadell ap Gruffydd, Prince of Deheubarth, however he was incapacitated as ruler of Deheubarth five years later when he was attacked while out hunting by a Norman force from Tenby, and was left for dead. At the time, Totnes Priory held St Peter's Church at Lampeter, and the original grantor may have been Stephen, constable of Cardigan. The castle was the site of several battles.
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A charter is a grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified. It is implicit that the grantor retains superiority (or sovereignty), and that the grantee admits a limited (or inferior) status within the relationship, and it is within that sense that charters were historically granted, and that sense is retained in modern usage of the term. Also, a charter can give royal permission to start a colony or a Liberty. Regalian right was the right of a monarch to receive the income from the estates of a vacant Bishopric or Abbey.
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Lynford is the grantor of the Lynford Family Charitable Trust which has supported hundreds of not-for-profit organizations since its inception in 1984. The Trust - which focuses its giving in the areas of education and health, historic preservation, performing and visual arts, and public policy - has endowed the following fellowships Marion J. Levy, Jr. Fellowship at Princeton University, Lynford Family International Fellows at Weill Cornell Medical College, and Rising Stars at Caramoor Center for Music and the Arts. Further, the Lynford Family Charitable Trust sponsors the NYU Tandon School of Engineering Lynford Lecture Series, an annual presentation of the work of exceptional mathematicians, engineers, and scientists.
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His Majesty's Declaration of Abdication Act 1936 and the Succession to the Crown Act 2013). In property law, a conveyance by the owner O "To A and heirs of the body", without more, creates a fee tail for the grantee (A) with a reversion in the grantor (O) should the natural, lawful descendants of the grantee all die out. Each person who inherits according to this formula is considered an heir at law of the grantee. Since the inheritance may not pass to someone who is not a natural, lawful descendant of the grantee, the heir is necessarily also "of the body" of the grantee.
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With Spain not recognizing Mexico's independence, the papacy claimed that the patronato reverted to itself, the original grantor. The Spanish crown had systematically replaced elite American-born Spaniards in positions in the civil and religious spheres, so that anti-Spanish sentiment now fell on Spanish clerics. When Mexico expelled peninsular-born Spaniards in 1827, many bishops and other members of the ecclesiastical hierarchy left, leaving all high church positions vacant until 1840. The lack of bishops and parish priests meant that the connection between Mexican Catholics and the institution of the church was damaged, weakening its authority and its influence among the vast number of poor parishioners.
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Many jurisdictions retain the possibility of creating a life estate, although this is uncommon. In the United States, life estates are most commonly used either to grant someone use of the property for the remainder of that person's life in a will, or by a grantor to reserve the right to continue using the property for the remainder of the grantor's life after it is sold. The right to ownership of the property after the death of the life estate owner is called the remainder estate. In England and Wales fee simple is the only freehold estate that remains; a life estate can only be created in equity and is not a right in property.
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The generic term "beneficiary" under the Uniform Trust Code is defined as a person that (A) has a present or future beneficial interest in a trust, vested or contingent; or (B) in a capacity other than that of trustee, holds a power of appointment over trust property.UTC Section 103(3). Beneficiaries are the holders of "equitable title" of trust assets and receive the benefits of trust property, subject to the trustee's "legal title" ownership and control under the terms of the trust agreement as established by the grantor. The Code makes a distinction between certain classes of beneficiaries with respect to the traditional reporting requirements for trustees with respect to the assets and transactions actually held in the trust.
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In 1998, a concession agreement commenced, which established the concessionaire's investment commitments (SuperVia) and grantor (State). Thus, it was possible to realise savings for the state coffers of more than US$1.6 billion, a figure corresponding to the subsidies that the state failed to spend with the operation of the system in the period 1998/2009. Since the turn of the century, the number of passengers carried has increased and the system has seen significant improvement in compliance with the scheduling of trains, which are monitored on an ongoing basis by the government, through the regulatory agency. In 1998, before the grant, 145,000 passengers were transported per day, with a punctuality of less than 30%.
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The Regional Arts Commission was founded in 1985 through a state charter and functions as a grantor and leader in the arts. RAC receives its primary funding from a portion of the hotel/motel tax collected from both St. Louis City and St. Louis County giving it an annual budget of about $6 Million. In 2015, Felicia Shaw took over as the director from Jill McGuire. McGuire was the first director of the agency and made a number of innovations in her 30 year tenure including adding grants to community-based organizations with arts programming; providing direct funding for artists; and increasing the national profile of the local agency through conferences and research studies.
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In English law, seignory or seigniory (; French seigneur, lord; Latin senior, elder), is the lordship (authority) remaining to a grantor after the grant of an estate in fee simple. Nulle terre sans seigneur ("No land without a lord") was a feudal legal maxim; where no other lord can be discovered, the Crown is lord as lord paramount. The principal incidents of a seignory were a feudal oath of homage and fealty; a "quit" or "chief" rent; a "relief" of one year's quit rent, and the right of escheat. In return for these privileges the lord was liable to forfeit his rights if he neglected to protect and defend the tenant or did anything injurious to the feudal relation.
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A pet trust is a legal arrangement to provide care for a pet after its owner dies. A pet trust falls under trust law and is one option for pet owners who want to provide for their pets after they pass away. Alternatives include honorary bequests made through a will and contractual arrangements with the caregiver. Pet trusts stipulate that in the event of a grantor’s disability or death a trustee will hold property (cash, for example) “in trust” for the benefit of the grantor’s pets. The “grantor” (also called a settlor or trustor in some states) is the person who creates the trust, which may take effect during a person’s lifetime or at death.
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Today, a mortgagor refers to his interest in the property as his "equity". The origin of the concept, however, was actually a mirror-image of the current practice. At common law, a mortgage was a conveyance of the property, with a condition subsequent, that if the grantor paid the secured indebtedness to the grantee on or before a date certain (the "law" day) then the condition subsequent would be void, otherwise to remain in full force and effect. As was inevitable, debtors would be unable to pay on the law day, and if they tendered the debt after the time had passed, the creditor owed no duty to give the land back.
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The mere equity argument misconceives the significance of Lord Westbury's observation. The Stump v Gaby line of authority established that where the owner of property has been induced by fraud to convey it the grantor continues to have an equitable interest therein and that the interest may be devised or assigned inter vivos and that the grantor's interest in the property does not come into existence only if and when the conveyance is set aside. These cases however has nothing to say concerning the principles upon which the priority of competing equitable interests is to be determined. If such equitable interest is to be postponed, there must be some other reasons than being mere equity.
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In the U.S., most recorders of deeds are elected officials who serve the area of a county or equivalent jurisdiction. In some states, the recorder of deeds may also act as a public posting place for documents that are not directly related to estates in land, such as corporate charters, military discharges, Uniform Commercial Code records, applications for marriage licenses, and judgments. Deeds in a few states of the U.S. are maintained under the Torrens title system or some limited implementation of it. (For example: Minnesota, some property in Massachusetts, Colorado, Hawaii, New York, North Carolina, Ohio, and Washington.) Other U.S. states maintain their deeds under common law; typically, they are filed in chronological order with a grantor/grantee index.
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Commodity ETFs invest in commodities such as precious metals, agricultural products, or hydrocarbons such as petroleum. They are similar to ETFs that invest in securities, and trade just like shares; however, because they do not invest in securities, commodity ETFs are not regulated as investment companies under the Investment Company Act of 1940 in the United States, although their public offering is subject to review by the U.S. Securities and Exchange Commission (SEC) and they need an SEC no-action letter under the Securities Exchange Act of 1934. They may, however, be subject to regulation by the Commodity Futures Trading Commission. Commodity ETFs are generally structured as exchange-traded grantor trusts, which gives a direct interest in a fixed portfolio.
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The city council corresponded with James Bertram, an assistant of Andrew Carnegie in 1908 to obtain the Carnegie Foundation Grant for $8,000 which was equal to ten times the amount the town would contribute per year to support it. Architect Warren Skellings of Eureka, California, designed a one-story reinforced concrete building in Classical Revival style to fit on a 40 foot by 40 foot area, deeded to the town of Ferndale by Adam Putnam, and according to the deed of transfer "if not so used, then to revert to the grantor." Construction was awarded to Ackerman and Ackerman of Eureka for $7,775.40 on April 12, 1909. Furnishings were extra so the city of Ferndale agreed to loan the extra money.
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More unusual measures are retaining a headquarters at a specific site for a period of time, amount of production increase or production cost decrease per unit, or the requirement to bring a given technology to a commercial market. The recipient will be required to return the monetary value of the incentive plus a penalty and/or interest to the grantor of the incentive, usually a local or state taxing authority. As the use of incentives mature over time, it is sometimes alleged that the triggering of clawbacks for non-performance will likely become more ubiquitous. Clawbacks can be understood to be the contractual elements that stand between the drive for economic development and community development and the slippery slope of corporate welfare.
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Frankalmoin or frankalmoigne was one of the feudal land tenures in feudal England. Its literal meaning is "free pity/mercy", from Norman French fraunch aumoyne, "free alms", from Late Latin eleemosyna, from Greek ("eleēmosynē"), "pity, alms", from ("eleēmōn") "merciful", from ("eleos"), "pity".Collins Dictionary of the English Language, London, 1986; Liddell & Scott's Greek- English Lexicon, Oxford, 1944 By it an ecclesiastical body held land free of military service such as knight service or other secular or religious service, but sometimes in return for the religious service of saying prayers and masses for the soul of the grantor. Not only was secular service not due but in the 12th and 13th centuries jurisdiction over land so held belonged to the ecclesiastical courts, and was thus immune from royal jurisdiction.
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But, since Caleb and Dinah are already Adam's apparent heirs, their interest under the laws of descent is "worthier" than the interest they take under the instrument, and the deed is construed as if Adam had stopped with "to Beulah for life." This doctrine is further complicated by the fact that although Caleb and Dinah are Adam's heirs apparent, it is legally impossible to determine who is an heir until the death of the grantor. The remainder interest Caleb and Dinah were meant to have in the land subject to Beulah's life estate would have been a vested interest as the conveyance was written, but that vested interest is wiped out by the doctrine of worthier title. Imagine then that Adam then falls on hard times, and his creditors take judgments against him.
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Weber defines the following: “The state is seen as the sole grantor of the 'right' to physical force. Therefore, 'politics' in our case would mean the pursuit for a portion of power or for influencing the division of power whether it is between states, or between groups of people which the state encompasses.”Weber 2015:136 Following this definition, Weber notes that there are three principles justifying the legitimacy of political domination of the state: traditional authority, charismatic authority, and legal authority.Weber 2015: 137-138 Much of the middle part of "Politics as a Vocation" consists of Weber’s definitions of charisma and leaders, and of the type of people who are called to the profession of politics.Weber 2015: 138-147 This is developed by lengthy historical descriptions of how modern politics emerged.
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Such trusts help to conserve assets for the longer term needs of such individuals and help to slow or eliminate the "wasting" of assets through unwise purchases or losses. In addition, the trustees' powers over the assets can be incredibly broad and flexible and do not require the supervisory eye of a court (and the attendant additional cost such oversight can create). Particularly in cases where a corporate trustee is used, the grantor and subsequent beneficiaries receive the benefits of a vast array of financial servicesportfolio management, real estate and business management, bill paying, insurance claim processing, tax and legal assistance, and financial planning just to name a few. Revocable living trusts were often touted and marketed as valuable solely because of their ability to "avoid probate" and the costs and complications that surrounded it.
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He began by postulating -- "The principle of non-derogation is however based upon the presumed intention of the parties. The rights derived from the principle must have a consensual origin."Lord Hoffman's postulate, however, simply refuses to accept Lord Templeman's clearly expressed concept that any intention not to derogate from a grant is constructive, that is to say that it is implied by law irrespective of the actual wishes of the grantor, because perceived considerations of public policy require that certain consequences shall follow from certain transactions in order that society shall operate in accordance with what Lord Templeman considered necessary to the operation of a well-ordered State. In short, Lord Hoffman did not agree with Lord Templeman's unarticulated hierarchy of values, nor did he articulate his own.
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In the case of "Three Kingdoms" and "Huh Hanbook", it is said that this time, it was cultivated horse and mulberry trees and raised that silkworm cocoons, including cotton seeds, mapo, and coops. The development of these fabrics is a basic requirement for embroidery development. In the granting of the transfer of the "Three Kingdoms", "the grantor wears clothes made of silver, gold, silver, and silver when he goes abroad", and the number is recorded as silver silk embroidered with gold and silver. The embroidery is presumed to have been embroidered on clothes, flags and wagons with signs indicating the rank and class of the ruling class at that time, although the facts of this age are not conveyed to today because of the nature of the materials which are easily damaged .
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The office of Commissioner of Deeds is one unique to the United States. During the 19th century, deeds concerning property located in a particular state could only be acknowledged before a Notary Public in that state; if the deeds was acknowledged outside the state where the subject property was located, the grantor would have to find a judge of a court of record to take the acknowledgment. Because of the difficulty in finding a judge, most states created the office of Commissioner of Deeds to allow state officials to be present in other states to assist with the acknowledgment of instruments intended to be used in the state by which the commissioner was appointed. Over time, states began to accept the notarial acts of notaries in other states and the need for commissioners became eradicated.
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The award of a federal grant to fund the building of three new schools, including a new building on the Turner School site, was announced in October 1937. The Public Works Administration was a grantor; the district also gained money by selling the Adams Street School to the local St. Peter Parish, which then razed it to make way for a high school for Roman Catholic students. In 1938, Keysor expanded, and North Glendale Elementary School in the city of Glendale (but within the district) opened in the fall of that year to relieve overcrowding at Henry Hough School in the southern end of Glendale. A new Turner Junior High School in Meacham Park was completed in 1938; the original building was still attached and was used for the elementary grades.
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PILPG promotes the utilization of international law as an alternative to violent conflict for resolving international disputes. To accomplish this objective, PILPG provides legal counsel to states during peace negotiations, advises on the creation and operation of tribunals for the prosecution of war crimes, assists states with drafting constitutions, runs negotiation simulations, publishes field reports concerning ongoing or potential conflicts, and convenes expert roundtables to identify points of conflict and potential solutions. To provide pro bono legal advice and policy formulation expertise, PILPG primarily relies on its highly trained international law and development professionals who serve as assistant counsel, counsel, and chiefs of party, run all PILPG programs, interface with clients, and manage grantor relationships. Upon occasion, PILPG also uses volunteer legal assistance from other practicing international lawyers as well as pro bono assistance from major international law firms.
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A blind trust is a trust in which the trust beneficiaries have no knowledge of the holdings of the trust, and no right to intervene in their handling. In a blind trust, the trustees (fiduciaries, or those who have been given power of attorney) have full discretion over the assets. Blind trusts are generally used when a trust creator (sometimes called a settlor, trustor, grantor, or donor) wishes for the beneficiary to be unaware of the specific assets in the trust, such as to avoid conflict of interest between the beneficiary and the investments. Politicians, or others in sensitive positions (such as journalists and religious leaders) often place their personal assets (including investment income) into blind trusts, to avoid public scrutiny and accusations of conflicts of interest when they direct government funds to the private sector.
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The strict interpretation by the courts of the credibility of witnesses led to the passing of an Act in 1751–1752, making interested witnesses sufficient for the due execution of the will, but declaring gifts to them void. The will of a man was revoked by marriage and the birth of a child, of a woman by marriage only. A will was also revoked by an alteration in circumstances, and even by a void conveyance inter vivos of land devised by the will made subsequently to the date of the will, which was presumed to be an attempt by the grantor to give legal effect to a change of intention. As in Roman law, a will spoke from the time of the making, so that it could not avail to pass after-acquired property without republication, which was equivalent to making a new will.
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The document used by lenders to obtain a lien on real property is a mortgage or deed of trust. The security agreement sets out the various rights the grantee will have with respect to the collateral, which are in addition to all other rights which the lender may have by law, such as those rights contained in Article 9 of the Uniform Commercial Code which has been adopted in some form by each state in the United States. The Security Agreement also addresses issues such as permitted sales or other transactions with the collateral in the ordinary course of the grantor's business and notices that may be required to be given by the grantee to the grantor if certain actions are taken. There are many forms available for purchase from legal supply and banker supply companies, in addition to software that will produce a security agreement according to specific user input.
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By retaining a special power of appointment, the settlor should receive the following benefits: (1) The settlor can transfer unlimited amounts to the trust at any time without gift tax consequences, (2) the assets of the trust are entitled to a step-up in basis upon the settlor's death, (3) the settlor can pay the income taxes on the earnings of the trust and allow the trust to grow tax free, (4) the settlor can put a home in the trust and retain all the tax benefits of home ownership if the trust is a grantor trust, (5) the trust is eligible to own stock in an S corporation, and (6) the settlor can change the trustees, the beneficiaries, or the terms of the trust at any time. The SPA Trust is a sophisticated and highly technical legal agreement and its effectiveness in accomplishing any particular purpose will depend upon the expertise of those who create it and the circumstances of each particular case.
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The building was designed by architects Stephen H. Horton and Wendell Locke of Locke, Wright and Associates and constructed by J.W. Bateson using reinforced concrete in 1977US L Book 001975 Page 0180 Sequoyah County, OK Instrument I-US75-000180 Recorded October 22, 1975 at 9:00am Fees & Dates Fees $0.00 Mortgage amount $376.56 Document stamps $0.00 Recorded on 10/22/1975 9:00am Instrument date 10/16/1975 Released on 07/01/1982 Parties Grantor 🔍 Search US #7301-5031 Grantees 🔍 Search MILLAR, ROBERT B.🔍 Search MILLAR, LINDA J. Legal Description at a cost of $14.5 million. The building, named for federal judge Alfred P. Murrah, an Oklahoma native, opened on March 2, 1977. By the 1990s, the building contained regional offices for the Social Security Administration, the U.S. Department of Housing and Urban Development, the United States Secret Service, the Department of Veterans Affairs vocational rehabilitation counseling center, the Drug Enforcement Administration (D.E.A.), and the Bureau of Alcohol, Tobacco, and Firearms (ATF).
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In 1933, Annie Noble had purchased a lot for a cottage in the Beach O' Pines area on Lake Huron. She decided in 1948 to sell the lot to Bernard Wolf, however, it was noticed that the original deed contained the following clause: :(f) The lands and premises herein described shall never be sold, assigned, transferred, leased, rented or in any manner whatsoever alienated to, and shall never be occupied or used in any manner whatsoever by any person of the Jewish, Hebrew, Semitic, Negro or coloured race or blood, it being the intention and purpose of the Grantor, to restrict the ownership, use, occupation and enjoyment of the said recreational development, including the lands and premises herein described, to persons of the white or Caucasian race not excluded by this clause. Though Wolf was Jewish, Noble still wanted to sell him the land and so they applied to the court to get the covenant nullified, but faced opposition from the "Pines" community. Noble and Wolf cited the recent decision of Re Drummond Wren, where the Ontario Court struck down a discriminatory covenant.
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The Skyway System Logo from 1996–2017, still used alternatively In November 1995, the Jakarta-based investor Citra Lamtoro Gung Persada (CITRA) entered into a Supplemental Toll Operation Agreement (STOA) with the Republic of the Philippines through the Toll Regulatory Board (TRB) as grantor, and the Philippine National Construction Corporation (PNCC) as operator. It was the result of negotiations that began on October 31, 1994 with the organization of the Technical Working Group composed of representatives from the Board of Investments (BOI), the Department of Finance (DOF), AIA Capital as financial adviser, the Department of Public Works and Highways (DPWH), the TRB, the PNCC, and the PT CITRA Group. Under the STOA, Citra Metro Manila Tollways Corporation (CMMTC as the concessionaire was formally established), was mandated to finance, design, and construct stage 1 of the South Metro Manila Tollway Project, consisting of an elevated expressway from Bicutan to Buendia and the rehabilitation of the at-grade portion of the South Metro Manila Tollway project. The STOA was approved by Philippine President Fidel V. Ramos in April 1996.
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With the arrival of the Anglo/Cambro-Normans in 1169,For an account describing the religious undercurrents of this invasion, described as a "crusade" see "When the Normans came to Ireland" by Maurice Sheehy (former Professor of Palaeography and late Latin at University College, Dublin), published by Mercier Press, 1975 & 1998. the territory of the old Gaelic Kingdom of Meath was promised in around 1172 to Hugh de Lacy by King Henry II of England. At that time, Meath extended to most of the current county of Fingal (including as far as Clontarf, Santry and the barony of Castleknock), County Westmeath and part of County Kildare. Fingal was therefore implicitly included in the grant of "Meath" either as part of Meath proper or under the additional element of that grantHistory of Ireland by John D'Alton, 1910 (page 258)Note: A royal grant creates a tenant-in-chief, who could then also make a feudal grant by sub-infeudation that would create a lordship or seigneury of the grantor, still held by him in reversion.
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The non- military freehold tenures are next dealt with: we have an account of "socage tenure", into which all military tenures were subsequently commuted by a now unrecognised act of the Long Parliament in 1650, afterwards reënacted by the well known statute of Charles II (1660), and of "frankalmoign", or the spiritual tenure by which churchmen held. In the description of burgage tenure and tenure in villeinage, the life of which consists in the validity of ancient customs recognised by law, we recognise survivals of a time before the iron rule of feudalism had moulded the law of land in the interests of the king and the great lords. Finally he deals with the law of rents, discussing the various kinds of rents that may be reserved to the grantor upon a grant of lands and the remedies for recovery of rent, especially the remedy by distress. The third and concluding book of Littleton's treatise deals mainly with the various ways in which rights over land can be acquired and terminated in the case of a single possessor or several possessors.
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The first of such being the Bills of Sale Act 1854 which was repealed and re-enacted by the Bills of Sale Act 1878 which was almost on all fours with the 1854 act. Further developments led to the enactment of the Bills of Sale Act 1882. A bill of sale has been defined as a legal document made by the seller to a purchaser, reporting that on a specific date at a specific locality and for a particular sum of money or other value received, the seller sold to the purchaser a specific item of personal property, or parcel of real property of which he had lawful possession . The Black’s Law Dictionary on its part defines a bill of sale as “an instrument for the conveyance of title to personal property, absolutely or by way of security”. According to Omotola the bill of sale is “a form of legal mortgage of chattels”. Bullen and Leake and Jacobs define a bill of sale as “a document transferring a proprietary interest in personal chattels from one individual (the “grantor”) to another (the “grantee”), without possession being delivered to the grantee”.
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