Dictionary of Law
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

commingling :: legal definition


Commingling - n. the act of mixing the funds belonging to one party with those of another party, or, most importantly with funds held in trust for another. Spouses or business partners may commingle without a problem, except that a spouse may thus risk turning separate property into community property (transmutation), and a business partner may have to account to the other. However, trustees, guardians or lawyers holding client funds must be careful not to commingle those funds with their own, since commingling is generally prohibited as a conflict of interest. Use of commingled funds for an investment, even though it might benefit both the trustee and the beneficiary, is still improper. Inadvertent commingling or temporary commingling (say, upon receipt of a settlement check in which both the client and attorney have an interest) requires prompt separation of funds and accounting to the client or beneficiary. To avoid commingling, trustees, lawyers, guardians and those responsible for another's funds set up trust accounts for funds of another.


Related Law Terms

abandonment :: n. the act of intentionally and permanently giving ... : abandon abandoned property patent
accounts receivable :: n. the amounts of money due or owed to a business ... sidering the chances of collection.
appearance :: n. the act of a party or an attorney showing up in ... neral appearance special appearance
arguendo :: prep. Latin meaning "for the sake of argument," us ... rs most commonly in appeals briefs.
attachment :: n. the seizing of money or property prior to getti ... bond. See also: writ of attachment
bank :: n. 1) an officially chartered institution empowere ... erred to as "in bank" or "en banc."
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
breach :: 1) n. literally, a break. A breach may be a failur ... breach of trust breach of warranty
breach of warranty :: n. determination that a statement as to title of p ... See also: implied warranty warranty
capital :: 1) n. from Latin for caput, meaning "head," the ba ... count capital assets stock in trade
charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust
clean hands doctrine :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
color of title :: n. the appearance of having title to personal or r ... rty based on this "color of title."
community property :: n. property and profits received by a husband and ... and distribution separate property
condition precedent :: n. 1) in a contract, an event which must take plac ... o the property. See also: condition
confidential relation :: n. a relationship in which one person has confiden ... remely obvious. See also: fiduciary
conflict of interest :: n. a situation in which a person has a duty to mor ... a position adverse to the customer.
contribution :: n. 1) donation to a charity or political campaign. ... f $3,000 from each of his partners.
corporation :: n. an organization formed with state governmental ... ation public corporation securities
co-trustee :: n. a trustee of a trust when there is more than on ... act alone. See also: trust trustee
declaration of trust :: n. the document signed by a trustor (settlor) crea ... also: settlor trust trustee trustor
deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed
deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance
divorce :: 1) n. the termination of a marriage by legal actio ... y separate property spousal support
escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent
fiduciary :: 1) n. from the Latin fiducia, meaning "trust," a p ... lation fiduciary relationship trust
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
foreclosure sale :: n. the actual forced sale of real property at a pu ... dicial sale mortgage sheriff's sale
fraud :: n. the intentional use of deceit, a trick or some ... audulent conveyance intrinsic fraud
garnish :: v. to obtain a court order directing a party holdi ... ed. See also: garnishee garnishment
general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership
grandfather clause :: n. 1) a clause in a statute or zoning ordinance (p ... Such laws are now unconstitutional.
hearsay rule :: n. the basic rule that testimony or documents whic ... interest dying declaration hearsay
impute :: v. 1) to attach to a person responsibility (and th ... also. See also: vicarious liability
indenture :: n. a type of real property deed in which two parti ... bind a person to work for another.
injunction :: n. a writ (order) issued by a court ordering someo ... t. See also: injunctive relief writ
insurance :: n. a contract (insurance policy) in which the insu ... t clause Workers' Compensation Acts
interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing
inverse condemnation :: n. the taking of property by a government agency w ... e also: condemnation eminent domain
invitee :: n. a person who comes onto another's property, pre ... ail employees. See also: negligence
joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title
judicial foreclosure :: n. a judgment by a court in favor of foreclosure o ... deed of trust foreclosure mortgage
leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging.
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
limited liability :: n. the maximum amount a person participating in a ... ted damages partnership shareholder
limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
Massachusetts Trust :: n. a business in which the investors give manageme ... provide for eventual distribution.
meet and confer :: n. a requirement of courts that before certain typ ... s which are freighted with emotion.
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort
nominal party :: n. a defendant or a plaintiff included in a lawsui ... ed. See also: necessary party party
non-discretionary trust :: n. a trust in which the trustee is directed to inv ... ower in the matter. See also: trust
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
operation of law :: n. a change or transfer which occurs automatically ... atically upon the child turning 18.
partner :: n. 1) one of the co-owners and investors in a "par ... ner limited partnership partnership
partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner
pour over will :: n. a will of a person who has already executed a t ... invalid trust. See also: trust will
property :: n. anything that is owned by a person or entity. P ... rty real property separate property
prudent man rule :: n. the requirement that a trustee, investment mana ... (1994). See also: fiduciary trustee
quiet title action :: n. a lawsuit to establish a party's title to real ... opposition. See also: notice title
real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit.
receiver :: n. 1) a neutral person (often a professional trust ... owing they were obtained illegally.
reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust
record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial
reformation :: n. the correction or change of an existing documen ... neral partner sues for reformation.
resulting trust :: n. a trust implied by law (as determined by a cour ... See also: constructive trust trust
retainer :: n. the advance payment to an attorney for services ... e stuck with extensive unpaid fees.
separate property :: n. in community property states (California, Texas ... pouse. See also: community property
severable contract :: n. an agreement which is made up of several separa ... e also: breach of contract contract
spendthrift clause :: n. a provision in a trust or will that states that ... tly to Junior. See also: trust will
subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor
trustee :: n. a person or entity who holds the assets (corpus ... es. See also: settlor trust trustor
will :: n. a written document which leaves the estate of t ... will and testament probate testator
work product :: n. the writings, notes, memoranda, reports on conv ... ies to be employed by the attorney.

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - C

C.I.F. :: n. the total of cost, insurance and freight charge ... aid on goods purchased and shipped.
calendar :: 1) n. the list of cases to be called for trial bef ... clerk of the court calendars cases.
calendar call :: n. the hearing at which a case is set for trial. ... g at which a case is set for trial.
call :: n. the demand by a corporation that a stockholder ... assessment on shares already owned.
calumny :: n. the intentional and generally vicious false acc ... 's reputation. See also: defamation
cancel :: v. to cross out, annul, destroy, void and/or resci ... g, so that it cannot be used again.
cancellation :: cancel ... cancel
caning :: n. a punishment for crimes employed in certain Asi ... last century in the United States.
canon law :: n. laws and regulations over ecclesiastical (churc ... nduct with no religious connection.
cap :: n. slang for maximum, as the most interest that ca ... "adjustable rate" promissory note.
capital :: 1) n. from Latin for caput, meaning "head," the ba ... count capital assets stock in trade
capital account :: n. the record which lists all basic assets of a bu ... or the alleged value of good will.
capital assets :: n. equipment, property, and funds owned by a busin ... . See also: capital capital account
capital expenditure :: n. payment by a business for basic assets such as ... y intended to improve productivity.
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
capital investment :: capital expenditure ... capital expenditure
capital offense :: n. any criminal charge which is punishable by the ... . See also: bail capital punishment
capital punishment :: n. execution (death) for a capital offense. The U. ... or death. See also: capital offense
capital stock :: n. the original amount paid by investors into a co ... price. See also: corporation stock
capitalization :: n. 1) the act of counting anticipated earnings and ... for conversion into capital assets.