deck L (565-615) Flashcards
3
SARBANES-OXLEY CRIMINAL PENALTIES
- DESTROY OR ALTER CORPORATE DOCS OR AUDIT RECORDS -FINE AND UP TO 20 YEARS IN PRISON
- COMMIT SECURITIES FRAUD - UP TO 25 YEARS IN PRISON
- WHISTLEBLOWERS ARE PROTECTED
2
AGENT’S LIABILILITY FOR ACTING W/OUT PRINCIPAL’S AUTHORITY
- PRINCIPAL IS NOT LIABLE
- AGENT IS PERSONALLY LIABLE
2
TRANSFERRABILITY OF INTERESTS IN A LLC
- MANAGEMENTS INTERESTS ARE NOT FREELY TRANSFERRABLE
- RIGHT TO RECEIVE PROFITS AND LOSSES ARE TRANSFERRABLE
2
REQUIREMENTS FOR SHAREHOLDER VOTES ON BOARD CHANGES, CORPORATE ACTIONS
- QUORUM (MAJORITY OF OUTSTANDING SHARES) MUST HAVE VOTED
- THE MAJORITY OF THOSE VOTES WERE CAST IN FAVOR OF THE ACTION.
3
SPECIAL CLASSIFICATIONS - PERSONAL INJURY - DISPOSAL OF DAMAGES
- PERSONAL INJURY DAMAGES RECEIVED DURING MARRIAGE ARE COMMUNITY PROPERTY
- PERSONAL INJURY DAMAGES FOR INJURY RECEIVED DURING MARRIAGE ARE ASSIGNED TO INJURED SPOUSE AFTER DIVORCE UNLESS JUSTICE DEMANDS OTHERWISE
- REIMBURSEMENT MADE TO COMMUNITY WHERE COMMUNITY INCCURED EXPENSES ON BEHALF OF INJURED SPOUSE
1
SPECIAL CLASSIFICATIONS - PENSION PLANS AND VESTING
- CP REGARDLESS OF VESTING TIME
2
DEBT - SPOUSE’S SEPARATE PROPERTY’S RESPONSIBILTY FOR LIABILITY
- SPOUSES SEPARATE PROPERTY ONLY AVAILABLE FOR PERSONAL LIABILITY
- UNLESS COMMUNITY DEBT INCURRED BY NECESSARIES OF LIFE FOR CHILD OR SPOUSE
1
MARRIED WOMAN’S SPECIAL PRESUMPTION
RESULT OF PROPERTY TAKEN W/HUSBAND’S NAME BUT NO JOINT TENANCY FORM OR MENTION OF “HUSBAND AND WIFE”
- PROPERTY BECOMES 1/2 SP AND 1/2 CP
3
COMMUNITY PROPERTY USED TO MAKE PAYMENTS ON SEPARATE PROPERTY -
MARRIAGE OF MOORE FORMULA FOR FINDING COMMUNITY INTEREST
- AMOUNT COMMUNITY PAID DOWN PRINCIPAL
- DIVIDED BY THE TOTAL LOAN AMOUNT
- RESULT IS COMMUNITY’S SHARE
2
VALID WILL - SIGNING REQUIREMENTS - WILL MUST BE EXECUTED BY
- TESTATOR OR
- SOMEONE AT TESTATOR’S DIRECTION IN TESTATOR’S PRESENCE
1
CAPACITY - AGE REQUIREMENTS FOR VALID WILL
- “OF LEGAL AGE” - TESTATOR IS AT LEAST 18
4
FRAUD OR UNDUE INFLUENCE BY BENEFICIARY IN DONATIVE TRANSFERS REBUTTABLY PRESUMED WHERE BENEFICIARY IS
- DRAFTER OF TRANSFER
- FIDUCIARY OF TRANSFEROR WHO TRANSCRIBED TRANSFER OR CAUSED TRANSCRIPTION OF TRANSFER
- CARE CUSTODIAN OF TRANSFEROR OR PROVIDED CARE W/IN 90 DAYS OF TRANSFER
- COHABITANT OR EMPLOYEE OF THE SAME
2
SURVIVOR’S RIGHTS - PROPERTY TRANSFERS
- SURVIVING SPOUSE CAN SET ASIDE DECEDENT SPOUSE’S TRANSFERS OF CP AND QCP TO THE EXTENT TRANSFEREE STILL HAS PROPERTY
- WHERE TRANSFEREE DOESN’T HAVE PROPERTY, SURVIVING SPOUSE CAN MAKE A CLAIM AGAINST THE ESTATE FOR HALF OF THE TRANSFER PROCEEDS
1
PER CAPITA DISTRIBUTION
- EACH DESCENDENT TAKES AN EQUAL SHARE OF DECEDENT’S ASSETS
2
ORAL TRUST LIMITATIONS AND PROOF
- MAY ONLY BE FOR PERSONAL PROPERTY
- MAY BE PROVED BY CLEAR AND CONVINCING EVIDENCE
6
TRUSTS ESSAY STRUCTURE
DIRTY
CHEATS
EAT
DIRTY CHEATS
VERY ROTTEN
LUNCHMEATS
- TRUST DEFINITION
- TRUST CREATION
- EXPRESS TRUST DEFINITION
- EXPRESS TRUST CREATION
- VALID TRUST REQUIREMENTS
- LIMITATIONS ON TRUSTS
2
TYPES OF COMPENSATORY DAMAGES IN
TORT ACTIONS
- GENERAL DAMAGES
- SPECIAL DAMAGES
3
TRACING FOR CONSTRUCTIVE TRUSTS
- IMIPROPERLY OBTAINED PROPERTY IS SOLD OR EXCHANGED FOR NEW PROPERTY
- PLAINTIFF CAN TRACE PROPERTY WHERE IT IS SOLELY TRACEABLE TO ITS CURRENT FORM
- FUNDS ARE NOT COMMINGLED
2
ADVERSE POSSESSION - RUNNING OF THE STATUTE REQUIREMENTS
- AT COMMON LAW, 20 YEARS
- VARIES BY JURISDICTION