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Dictionary of Law |
commingling :: legal definitionCommingling - 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 Termsabandonment :: n. the act of intentionally and permanently giving ... : abandon abandoned property patentaccounts 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 Searcheslegal 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 - CC.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. |