Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Bank-account trust
see totten trust under trust,
Bankruptcy trustee
the person appointed by the u.s. trustee and approved by the bankruptcy court to take charge of and administer the debtor's estate during bankruptcy proceedings. - also termed trustee in bankruptr see, united states trustee.
Bare trustee.
See trustee (1).
Claflin trust
See indestructible trust.
Claflin-trust principle
The doctrine that a trust cannot be terminated by the beneficiaries if the termination would defeat one of the settlor's material purposes in establishing the trust. ( If the settlor is alive and consent however, the trust may be terminated. Trustx in the "Claflin" category are spendthrift trusts. support trusts, trusts in which the trustee hay discretion to make distributions, and trusts i n which the beneficiary is entitled to income a until a certain age and the principal at that age
Clearfield Trust doctrine
The doctrine describing the federal courts' power to make federal common law when there is both federal lawmaking power to do so and a strong federal interest in a nationally uniform rule. Clearfield Trust Co. v. United States, 318 U.S. 363, 63 S.Ct. 573 (1943). Cf. ERIE DOCTRINE.
Clifford trust
See TRUST.
Cotrustee
One of two or more persons in whom the administration of a trust is vested. ( The cotrustees form a collective trustee and exercise their powers jointly. - Also termed joint trustee. See TRUSTEE. "Coterellus.... A cottager. Considered by Spelman and others, the same with cotarius. But Cowell makes the distinction that the cotarius had free socage tenure, and paid a stated firm (rent) in provisions or money, with some occasional customary service; whereas the coterellus seemed to have held in mere villenage, and had his person and issue and goods disposed at the pleasure of the lord." 1 Alexander M. Burrill, A Law Dictionary and Glossary 387 (2d ed. 1867).
Depository Trust Corporation
The principal central clearing agency for securities transactions on the public markets. - Abbr. DTC.
Entrust
Ub. To give (a person) the responsibility for something, usu. after establishing a confidential relationship. - entrustment, n. See NEGLIGENT ENTRUSTMENT.
Entrusting
n. Commercial law. The transfer of possession of goods to a merchant who deals in goods of that type and who may in turn transfer the goods and all rights to them to a purchaser in the ordinary course of business. UCC § 2-403(2).
Hart-Scott-Rodino Antitrust Improvement Act
A federal statute, enacted in 1976, that generally strengthens the Justice Department's antitrust enforcement powers, esp. by requiring firms to give notice to the Federal Trade Commission and the Justice Department of an intent to merge if one of the firms has annual revenues or assets exceeding $100 million, and the acquisition price or value of the acquired firm exceeds $15 million.
Illinois land trust
See land trust.
Interest on Lawyers' Trust Accounts
A program that allows a lawyer or law firm to deposit a client's retained funds into an interest-bearing account that designates the interest payments to charitable, law-related purposes, such as providing legal aid to the poor. ( Almost all states have either a voluntary or mandatory IOLTA program. - Abbr. IOLTA.
Intrust
vb. Archaic. See ENTRUST.
Medicaid-qualifying trust
A trust that is deemed to have been created in an effort to reduce someone's assets so that the person may qualify for Medicaid, and that will be included as an asset for purposes of determining the person's eligibility. ( Someone who wants to apply and qualify for Medicaid, but who has too many assets to qualify, will sometimes set up a trust - or have a spouse or custodian set up a trust - using the applicant's own assets, under which the applicant may be the beneficiary of all or part of the payments from the trust, which are distributed by a trustee with discretion to make trust payments to the applicant. Such a trust may be presumed to have been established for the purpose of attempting to qualify for Medicaid, and may be counted as an asset of the applicant, resulting in a denial of benefits.
Midcal test. Antitrust
The doctrine that the anticompetitive acts of a private party will be considered state acts - and thereby protected from liability under the antitrust laws - if the acts are within a clearly articulated and affirmatively expressed policy of the state, and if the conduct is actively supervised by the state. California Retail Liquor Dealers Assn u. Midcal Aluminum, Inc., 445 U.S. 97, 100 S.Ct. 937 (1980). See STATE-ACTION DOCTRINE; ACTIVE SUPERVISION.
QTIP trust
See TRUST.
Resolution Trust Corporation
A federal agency established to act as a receiver for insolvent federal savings-and-loan associations and to transfer or liquidate those associations' assets. ( The agency was created when the Federal Savings and Loan Insurance Corporation was abolished in 1989. - Abbr. RTC. See FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION.
Sherman Antitrust Act
A federal statute, passed in 1890, that prohibits direct or indirect interference with the freely competitive interstate production and distribution of goods. ( This Act was amended by the Clayton Act in 1914. 15 USCA §§ 1-7. - Often shortened to Sherman Act.
Totten trust
A revocable trust created by one's deposit of money in one's own name as a trustee for another. ( A Totten trust is commonly used to indicate a successor to the account without having to create a will. -Also termed tentative trust; bank-account trust; savings-account trust; savings-bank trust. "A deposit by one person of his own money, in his own name as trustee for another, standing alone, does not establish an irrevocable trust during the lifetime of the depositor. It is a tentative trust merely, revocable at will, until the depositor dies or completes the gift in his lifetime by some unequivocal act or declaration, such as delivery of the pass book or notice to the beneficiary. In case the depositor dies before the beneficiary without revocation, or some decisive act or declaration of disaffirmance, the presumption arises that an absolute trust was created as to the balance on hand at the death of the depositor." In re Totten, 179 N.Y. 112, 125-26 (1904) (Vann, J.).
Trust
n. 1. The right, enforceable solely in equity, to the beneficial enjoyment of property to which another person holds the legal title; a property interest held by one person (the trustee) at the request of another (the settlor) for the benefit of a third party (the beneficiary). For a trust to be valid, it must involve specific property, reflect the settlor's intent, and be created for a lawful purpose. 2. A fiduciary relationship regarding property and subjecting the person with title to the property to equitable duties to deal with it for another's benefit; the confidence placed in a trustee, together with the trustee's obligations toward the property and the beneficiary. ( A trust arises as a result of a manifestation of an intention to create it. See FIDUCIARY RELATIONSHIP. 3. The property so held; TRUST FUND. 4. A business combination that aims at monopoly. See ANTITRUST. "[A]trust involves three elements, namely, (1) a trustee, who holds the trust property and is subject to equitable duties to deal with it for the benefit of another; (2) a beneficiary, to whom the trustee owes equitable duties to deal with the trust property for his benefit; (3) trust property, which is held by the trustee for the beneficiary." Restatement (Second) of Trusts § 2 cmt. h (1959). "One must distinguish, [in] countries where English is spoken, between a wide and a narrow sense of the word 'trust.' In the wide sense a trust exists when property is to be held or administered by one person on behalf of another or for some purpose other than his own benefit . In the narrow or strict sense a trust exists when the creator of the trust . hands over or is bound to hand over the control of an asset which, or the proceeds of which, is to be administered by another (the trustee or administrator) in his capacity as such for the benefit of some person (beneficiary) other than the trustee or for some impersonal object. A trust in this sense is a species of the genus 'trust' in the wide sense." Tony Honors, The South African Law of Trusts §§ 1-2, at 1-3 (3d ed. 1985). "Some courts and legal writers have defined a trust as a certain kind of right that the beneficiary has against the trustee, or a certain kind of interest that the beneficiary has against the trustee, or a certain kind of interest that the beneficiary has in the trust property, thus looking at it from the point of view of the beneficiary. While it is true that the beneficiary has the right or interest described, the trust is something more than the right or interest of the beneficiary. The trust is the whole juridical device: the legal relationship between the parties with respect to the property that is its subject matter, including not merely the duties that the trustee owes to the beneficiary and to the rest of the world, but also the rights, privileges, powers, and immunities that the beneficiary has against the trustee and against the rest of the world. It would seem proper, therefore, to define the trust either as a relationship having certain characteristics stated in the definition or perhaps as a juridical device or legal institution involving such a relationship." 1 Austin W. Scott & William F. Fratcher, The Law of Trusts § 2.4, at 42 (4th ed. 1987).
Trust Indenture Act
A federal law, enacted in 1939, designed to protect investors of certain types of bonds by requiring that (1) the SEC approve the trust indenture, (2) the indenture include certain protective clauses and exclude certain exculpatory clauses, and (3) the trustees be independent of the issuing company. 15 USCA §§ 77saa et seq.
Trustbuster
n. A person - esp. a federal officer - who seeks the dissolution of trusts under the antitrust laws. See TRUST (1).
Trustee
U.S. See UNITED STATES TRUSTEE,
Trusteeship
1. The office, status, or function of a trustee. 2. Int'L law. Administration or supervision of a territory by one or more countries, esp. under a U.N. commission. Cf. MANDATE (6).
Trustor
One who creates a trust; SETTLOR (1)
Trusty
n. A convict or prisoner who is considered trustworthy by prison authorities and therefore given special privileges.
United States trustee
A federal official who is appointed by the Attorney General to perform administrative tasks in the bankruptcy process, such as appointing bankruptcy trustees in Chapter 7 and Chapter 11 cases. See BANKRUPTCY TRUSTEE.
Unitrust
See UNITRUST.
account in trust.
See ACCOUNT.
accumulation trust
A trust in which the trustee must accumulate income and gains from sales of trust assets for ultimate disposition when the trust terminates. 0 Many states restrict the time over which accumulations may be made or the amount that may be accumulated.
active trust
A trust in which the trustee has some affirmative duty of management or administration besides the obligation to transfer the property to the beneficiary. -Also termed special trust. Cf. passive trust.
active trust.
See TRUST.
alimony trust
A trust in which the husband transfers to the trustee property from which the wife, as beneficiary, will be supported after a divorce or separation.
annuity trust
A trust from which the trustee must pay a sum certain annually to one or more beneficiaries for their respective lives or for a term of years, and must then either transfer the remainder to or for the use of a qualified charity or retain the remainder for such a use. ( The sum certain must not be less than 5% of the initial fair market value of the property transferred to the trust by the donor. A qualified annuity trust must comply with the requirements of IRC (26 USCA) § 664.
antitrust civil process act
a federal law prescribing the procedures for an antitrust action by way of a petition in u.s. district court. 15 usca §§ 1311 et seq.
antitrust law
the body of law designed to protect trade and commerce from restraints, monopolies, price-fixing, and price discrimination. ( the principal federal antitrust laws are the sherman act (15 usca §§ 1-7) and the clayton act (15 usca §§ 12-27)
bank-account trust
See Totten trust.
bare trustee
A trustee of a passive trust. ( A bare trustee has no duty other than to transfer the property to the beneficiary. See passive trust under TRUST.
blended trust
A trust in which the beneficiaries are a group, with no member of the group having a separable individual interest. Courts rarely recognize these trusts.
blended trust.
See TRUST.
blind trust
A trust in which the settlor places investments under the control of an independent trustee, usu. to avoid a conflict of interest.
blind trust.
See TRUST.
board of trustees.
See BOARD OF DIRECTORS.
bond trust
A trust whose principal consists of bonds that yield interest income.
breach of trust
A trustee's violation of either the trust's terms or the trustee's general fiduciary obligations; the violation of a duty that equity imposes on a trustee, whether the violation was willful, fraudulent, negligent, or inadvertent. e A breach of trust subjects the trustee to removal and creates personal liability.
business trust
A form of business organization, similar to a corporation, in which investors receive transferable certificates of beneficial interest (instead of stock shares). - Also termed Massachusetts trust; common-law trust. "The business trust was developed in Massachusetts from 1910 to 1925 to achieve limited liability and to avoid restrictions then existing there on a corporation's acquiring and developing real estate, by adoption of the trust device ...." Henry G. Henn & John R. Alexander, Laws of Corporations § 58, at 117 (3d ed. 1983).
bypass trust
A trust into which a decedent's estate passes, so that the surviving heirs get a life estate in the trust rather than the property itself, in order to avoid estate taxes on an estate larger than the tax-credit-sheltered amount ($650,000 in 1999, increasing to $1 million after 2005). - Also termed creditshelter trust. See united credit under TAx CREDIT.
car trust certificate
See EQUIPMENT TRUST CERTIFICATE.