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To Trust or Not to Trust?
Trust is a cornerstone of every successful marriage. Thus, it is ironic that the term that we lawyers use to describe the vehicle by which many of our wealthier clients protect and preserve their assets from their divorcing spouse is 'trust.' Today, in an era in which billionaires dominate the Forbes 400 list, when freshly minted MBAs just a year or two out of B-Schools garner seven-figure bonuses before the age of 30, the trust is becoming more and more the device of choice to shield assets from the grip of those who the creator of the trust deems undeserving of a share of those assets.
What Is a Trust?
A trust is a powerful estate-planning tool serving many purposes that range from tax advantages to asset protection. Trusts have become quite popular because grantors retain the freedom to choose and designate how their property will be used. Moreover, trusts are considered sacred legal devices 'which cannot be soiled by any illegal use.' Matter of Sage, 97 Misc2d 790, 797 (1979); and see; Pattison v. Pattison, 301 NY 65 (1950); Turano, Practice Commentaries, McKinney's Cons Laws of NY, Book 17B, EPTL 7-1.4 at 210.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.