deck AF (1544-1594) Flashcards
2
WHEN MAY CORPORATE OFFICER OR DIRECTOR PERSONALLY ACCEPT BUSINESS OPPORTUNITY?
- AFTER FULL DISCLOSURE OF MATERIAL FACTS TO BOARD OF DIRECTORS.
- BOARD VOTES AND MAKES GOOD FAITH REJECTION
1
SARBANES-OXLEY - ENHANCED REPORTING REQUIREMENTS - CORPORATION MUST HAVE AN
- AUDIT BOARD
3
TYPES OF CORPORATE DISSOLUTION
- VOLUNTARY
- ADMINISTRATIVE
- JUDICIAL
3
FIGURING OUT WHO OWNS UNTITLED PROPERTY IN A PARTNERSHIP
- WERE PARTNERSHIP FUNDS USED TO ACQUIRE, IMPROVE OR MAINTAIN?
- WAS THERE A CLOSE RELATIONSHIP BETWEEN THE PROPERTY AND BUSINESS?
- DID THE PARTNERSHIP LIST THE PROPERTY ON ITS BOOKS?
6
FORMATION OF LIMITED PARTNERSHIPS REQUIREMENTS
- FILE LIMITED PARTNERSHIP CERTIFICATE W/STATE
- NAME - MUST INCLUDE LP
- AGENT’S NAME AND ADDRESS
- GENERAL PARTNERS NAMES AND ADDRESSES
- RECORDS MAINTAINED IN STATE OF FORMATION
- IF NOT DONE CORRECTLY LP BECOMES GP
2
SPOUSAL SUPPORT MAY BE WAIVED THROUGH PREMARITAL AGREEMENT IF
- AGREEMENT IS NOT UNCONSCIONABLE
- IF WAIVING SPOUSE REPRESENTED BY HER OWN COUNSEL WHEN SIGNING AGREEMENT
3
REIMBURSEMENT RIGHTS OF SEPARATE ESTATE FOR CONTRIBUTIONS TO COMMUNITY ESTATE
- WITHOUT INTEREST
- WHERE FUNDS TRACEABLE
- ONLY FOR DIP
5
APPORTIONING SHARES OF BUSINESS VALUE APPRECIATION AFTER SEPARATION - WHEN SP CONTRIBUTES TO A CP BUSINESS
REVERSE PEREIRA FORMULA
- COMMUNITY GETS VALUE OF CP BUSINESS AT TIME OF SEPARATION
- PLUS REASONABLE RATE OF RETURN
- MULTIPLIED BY THE NUMBER OF YEARS BUSINESS SPOUSE WORKED AT BUSINESS AFTER SEPARATION
- SUBTRACTED FROM INCREASED PRESENT AMOUNT OF VALUE IN BUSINESS
- REMAINDER GOES TO BUSINESS SPOUSE
1
TRANSMUTATION AND COMMUNITY PROPERTY LAW
- CHANGE THE ESTATE OR OWNERSHIP CHARACTERIZATION OF AN ASSET
3
TRANSMUTATION TO 3RD PARTIES
- NOT EFFECTIVE
- WITHOUT NOTICE
- UNLESS RECORDED
3
DISTRIBUTION OF ASSETS AT DIVORCE - TWO MARRIAGES
- JURISDICTIONAL SPLIT
- SOME JURISIDICTIONS DIVIDE ASSETS EQUALLY BETWEEN ALL SPOUSES
- SOME JURISDICTIONS DIVIDE ASSETS EQUALLY BETWEEN INNOCENT SPOUSES
6
ORDER OF ANALYZING ASSETS FOR COMMUNITY PROPERTY ESSAYS (NO GOOD SPOUSE SHOULD ACTUALLY DIVORCE)
- NAME OF ASSET
- GENERAL PRESUMPTION
- SPECIAL PRESUMPTION
- STATUATORY PRESUMPTION
- ACTIONS TAKEN
- DISPOSITION OF ASSET
4
LAPSE (BENEFICIARY DEATH)
- BENEFICIARY PREDECEASES TESTATOR
- GIFT TO BENEFICARY LAPSES AND FALLS INTO RESIDUE
- OR DISTRIBUTED VIA INTESTATE SUCCESSION
- AT COMMON LAW AND MINORITY OF JURISDICTIONS
3
GENERAL WARRANTY DEED CONTAINS
- WARRANTY AGAINST DEFECTS IN TITLE
- THREE PRESENT COVENANTS OF TITLE
- THREE FUTURE COVENANTS OF TITLE
3
TYPES OF RECORDING ACTS
- NOTICE STATUTE
- RACE STATUTE
- RACE-NOTICE STATUTE