deck T (932-982) Flashcards
2
CREATION AND CLASSIFICATION OF STOCK SHARES RULES
- ORIGINAL NUMBER OF SHARES MUST BE FILED WITH SOS
- DIFFERENT CLASSES OF SHARES MUST BE CLASS MUST BE IDENTIFIED BEFORE ISSUED
2
DUTY OF LOYALTY - REQUIRED STEPS TO AVOID USURPING CORPORATE OPPORTUNITY - OFFICER MUST
- FIRST OFFER OPPORTUNITY TO CORP
- WHERE CORP WOULD EXPECTED TO BE PRESENTED WITH OPPORTUNITY
3
SHAREHOLDER AGREEMENT - ENFORCEABLITY OF TRANSFER OF SHARES RESTRICTIONS
- UPHELD WHERE RESTRICTIONS ARE REASONABLE (E.G. RIGHT OF FIRST REFUSAL)
- ABSOLUTE RESTRAINT ON TRANSFERS IS ALWAYS UNREASONABLE
2
LIABILITY OF PARTNERS IN A LLP
- NO PERSONAL LIABILITY FOR PARTNERSHIP DEBTS
- PERSONAL LIABILITY WILL ARISE FOR PERSONAL WRONGDOING
3
METHODS OF PAYING DIVIDENDS TO SHAREHOLDERS
- CASH
- SHARES
- PROPERTY
1
MARRIED WOMAN’S SPECIAL PRESUMPTION
RESULT OF PROPERTY TAKEN IN WIFE AND HUSBAND’S NAME BUT NO JOINT TENANCY FORM OR MENTION OF “MR & MRS” OR “HUSBAND AND WIFE”
- PROPERTY BECOMES 1/2 SP AND 1/2 CP
4
SEPERATE PROPERTY PAID TOWARD COMMUNITY PROPERTY MAY BE REIMBURSED WHEN USED FOR
- DOWN PAYMENT
- IMPROVEMENTS
- PRINCIPAL
- NO INTEREST
5
CALIFORNIA MARRIAGE
- CONSENSUAL CIVIL CONTRACT
- BETWEEN TWO PERSONS
- FOLLOWED BY LICENSE
- SOLEMNIZATION
- AUTHENTICATION
3
TRANSMUTATION PRE 1985 COULD BE
- ORAL
- WRITTEN
- INFERRED BY SPOUSE’S CONDUCT
2
DEBT - SPOUSE’S SEPARATE PROPERTY’S AVAILABILITY
FOR COMMUNITY LIABILITY
- SPOUSES SEPARATE PROPERTY ONLY AVAILABLE FOR PERSONAL LIABILITY
- UNLESS COMMUNITY DEBT INCURRED BY NECESSARIES OF LIFE FOR CHILD OR SPOUSE
2
REVOCATION OF WILL BY OPERATION OF LAW - TRIGGERS
- TO ACCOMODATE OMMITTED SPOUSE OR CHILD
- OR REMOVE EX-SPOUSE AFTER DIVORCE OR ANNULLMENT
2
REVOCATION BY OPERATION OF LAW - PRETERMITTED CHILD OR SPOUSE RECEIVES
- INTESTATE SHARE
- WHERE BORN OR MARRIED AFTER WILL MADE
3
TRUSTS FOR REAL PROPERTY MUST BE EXECUTED BY
- TRUSTEE OR
- SETTLOR OR
- THEIR AGENT
13
TYPES OF TRUSTS
- EXPRESS
- TESTAMENTARY
- POUR OVER
- SECRET
- SEMI-SECRET
- SPENDTHRIFT
- SUPPORT
- DISCRETIONARY SUPPORT
- CHARITABLE
- HONORARY
- TOTTEN
- RESULTING (PURCHASE MONEY)
- CONSTRUCTIVE
3
EXPRESS TRUST CREATION TYPES
- INTERVIVOS DECLARATION THAT PROPERTY IS HELD IN TRUST (INTER VIVOS TRUST)
- INTERVIVOS TRANSFER OF PROPERTY BY SETTLOR TO TRUST DURING SETTLOR’S LIFETIME (LIVING TRUST)
- BY WILL (TESTAMENTARY TRUST)
3
HONORARY TRUST
- TYPICALLY INVALID BECAUSE HAS NO BENFICIARY OR CHARITABLE PURPOSE
- ALLOWED WHERE FOR CARE OF PETS OR BURIAL PLOTS
- WHEN PET DIES, FUNDS GO TO RESULTING TRUST
3
TRUST TERMINATION POWERS - BENEFICIARIES
- WHERE UNANIMOUS CONSENT
- WHERE ALL ARE COMPETENT
- WHERE PURPOSE OF TRUST WONT BE FRUSTRATED
2
LOWEST INTERMEDIATE BALANCE RULE -
INVESTOR AND SPENDER FICTION
- INVESTOR FICTION - DEFENDANT INVESTS HIS OWN MONEY FIRST
- SPENDER FICTION - DEFENDANT SPENDS HIS OWN MONEY FIRST
3
WASTE BY THE PRESENT INTEREST HOLDER REAL PROPERTY - ELEMENTS
- INJURY TO REAL PROPERTY
- COMMITTED BY PRESENT INTEREST HOLDER
- AGAINST FUTURE INTEREST HOLDER