Law Commons^™

Unlimited Liability For Banks: Deposits As Fraudulent Transfers, Katherine Zampas

St. Mary's Law Journal

One of a trustee’s most valuable resources in bankruptcy proceedings is his avoidance powers. A trustee is charged with the duty to recover and recapture any property wrongfully removed from the estate by way of fraudulent transfer or preference. In some cases, a trustee has attempted to treat a debtor’s deposit into a bank account as a transfer, rendering it subject to his avoidance powers. Such a result will leave banks collaterally responsible as a transferee for a debtor’s conduct despite their lack of culpability and control over the funds.

The definition of transfer within the Bankruptcy Code is comprehensive …

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

No abstract provided.

Death, Taxes, And Property (Rights): Nozick, Libertarianism, And The Estate Tax, Jennifer Bird-Pollan

Law Faculty Scholarly Articles

The primary purpose of this Article is to dispute the moral claims to post-death property rights made by libertarians when they argue against the estate tax. As I will show later in this Article, my argument does not necessarily entail enacting an estate tax, nor does it require a particular level of tax. I am merely trying to demonstrate that those who argue that the estate tax is an immoral violation of the private property rights of the deceased are mistaken. This is not to say that the estate of the deceased should necessarily pass to the government. It is …

Wills, Trusts, And Estates, J. William Gray Jr., Katherine E. Ramsey

University of Richmond Law Review

The 2011 session of the Virginia General Assembly enacted wills, trusts, and estates legislation that: (i) eliminated a potential federal transfer tax trap in inter vivos marital trusts, (ii) interpreted transfer tax formula clauses in light of recent changes in federal law, and (iii) adopted the Uniform Adult Guardianship and Protective Proceedings Jurisdiction Act. Three other legislative enactments and seven opinions of the Supreme Court of Virginia during the twelve months ending June 1, 2011, addressed issues affecting this field. In addition to addressing those developments, this article summarizes a recent federal district court opinion that dealt with a significant …

Private Lands Conservation In Puerto Rico, Elizabeth Mccormack, University Of Colorado Boulder. Natural Resources Law Center

Books, Reports, and Studies

41 p. ; 28 cm

The Uniform Transfers To Minors Act—New And Improved, But Shortcomings Still Exist, Thomas E. Allison

University of Arkansas at Little Rock Law Review

No abstract provided.

Taxation - Inheritance Tax - Transfers Subject To Take Effect At Or After Death, Harvey A. Howard S.Ed.

Michigan Law Review

Decedent was a participant in a company profit-sharing savings and retirement trust. Under the terms of the plan, the company made deposits with a trustee on an annual basis and relinquished the right to recapture or impair the fund for its own use or benefit. The contributions were to be held for ten years with accrued interest, and then were to be distributed to the employees in three annual instalments. Should an employee leave the company, he was entitled to his share in three instalments; in the event of retirement or illness he was to receive his entire share in …

Apportionment Of The Federal State Tax In The Absence Of Statute Or An Expression Of Intention, William P. Sutter

Michigan Law Review

Federal law now provides in sections 826 (c) and (d) of the Internal Revenue Code that life insurance and property transferred by appointment shall bear their proportionate tax burden. It does not contain similar provisions with respect to other types of non-probate property. At the present time, twenty states provide by statute for some sort of apportionment of estate taxes. Two states have statutes restricting apportionment in some degree. In the rest, the matter rests in the discretion of the courts. I propose to discuss in this article the situation in those areas where no statutory guidance exists.

Trusts - Inter Vivos Trust As A Substitute For A Will - Effect Of Settlor's Retention Of Control, H. Marshall Peter

Michigan Law Review

A executed an instrument without the formalities of a will, transferring securities to B. It was provided therein that B should hold, manage, sell, and invest according to A's written directions, and should retransfer to A if A so directed. A further reserved the right to alter the "ultimate beneficiary" and also to terminate the trust on notice to B, in which event B should retransfer to him securities and investments as well as net income otherwise payable to A at fixed intervals during A's life. On A's death, the trust was to become absolute …

The Impact Of The Law Of Powers Upon Our Internal Revenue Laws, Montgomery B. Angell

Michigan Law Review

An interesting difference in view has arisen recently in the halls of the Harvard Law School on the use of powers of appointment under the federal estate tax act. One view is that the chief efficacy today of the power of appointment lies in its capacity for use in tax evasion, which should be corrected. The other view is that there is a salutary tendency toward using sensible and flexible powers of appointment, which should be encouraged in meeting changing and difficult family situations, but which would be checked were the former view accepted. Thus we find here the age-old …

Rescission - Constructive Trusts - Tracing Misappropriated Funds, Eugene T. Kinder

Michigan Law Review

Defendant, president of plaintiff corporation, misappropriated over $1,000,000 in corporate funds, investing $79,000 thereof in government bonds. With the proceeds from these bonds, defendant set up two corporations, all the capital stock of which was owned by defendant's son and was purchased with plaintiff's money. One Greenslade was hired by defendant, and paid with a part of the misappropriated funds, to experiment with locomotive staybolt testing devices. As a result of the experimentation, Greenslade invented and patented several devices, transferring ownership thereof to one of the two corporations. In a prior action, brought without knowledge of the disposition of the …

Contracts - Wills - Third Party Beneficiary Contract As Testamentary Disposition, Harold M. Street

Michigan Law Review

The defendant executed a bond and mortgage to one Catherine McCarthy Jackman. Subsequently the parties entered into an extension agreement wherein it was provided that in the event of the death of the mortgagee prior to the .maturity of the mortgage, the interest and principal were to be paid one-half to a brother of the mortgagee and one-half to the heirs of a deceased sister. After the death of the mortgagee prior to the maturity of the mortgage, the plaintiffs (the brother and heirs of the deceased sister) claimed a right to the payment of interest as third party beneficiaries. …