deck W (1085-1135) Flashcards
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RIGHTS OF OFFICERS AND DIRECTORS
- FAIR COMPENSATION DETERMINED BY BOARD
- INDEMNIFICATION FROM EXPENSES INCURRED ON BEHALF OF CORP
- INSPECTION OF RECORDS OR FACILITIES (REASONABLE NOTICE)
1
QUORUM OF SHAREHOLDERS
- MAJORITY PERCENTAGE OF OUTSTANDING SHARES REPRESENTED
2
ALTERNATIVE METHOD (INSTEAD OF VOTING) OF SHAREHOLDER APPROVAL FOR FUNDAMENTAL CORPORATE OR BOARD CHANGES - CONSENT MAY BE
- WRITTEN AND
- UNANIMOUS
4
ELEMENTS OF A SECTION 10(b)-5 VIOLATION CHARGING INSIDER TRADING
- INSIDER WITH POSSESSION OF CORPORATE MATERIAL NONPUBLIC INFORMATION
- BREACHES DUTY OF TRUST TO SOURCE OF MNI
- WHEN HE TRADES A CORPORATE SECURITY
- BASED ON MNI
- VIA INTERSTATE COMMERCE
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INSIDER FOR 10b-5
- DIRECTOR
- OFFICER
- SHAREHOLDER
- HOLDER OF MATERIAL NONPUBLIC CORPORATE INFORMATION
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STEPS FOR PRINCIPAL RATIFYING
AGENT’S UNAUTHORIZED ACTS - PRINCIPAL
- HAS CAPACITY
- HAS KNOWLEDGE OF ACTS
- ENGAGES IN CONDUCT APPROVING ACTS
- OR ACCEPTS THE TRANSACTION
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PARTNERSHIP - CONTRACTUAL RELATIONSHIPS WITH THIRD PARTIES AND AGENCY THEORY
- PARTNER’S ABILITY TO BIND THE PARTNERSHP IS BASED ON AGENCY THEORY
- EACH PARTNER IS AN AGENT OF THE PARTNERSHIP
- FOR PURPOSES OF CONDUCTING PARTNERSHIP BUSINESS
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WHO IS A CORPORATE INSIDER?
- DIRECTOR
- OFFICER
- SHAREHOLDER
- ANY OTHER HOLDER OF MATERIAL, NONPUBLIC COPRORATE INFORMATION
2
PUTATIVE SPOUSE’S PROPERTY IS TREATED AS
- QUASI-MARITAL PROPERTY
- QMP IS TREATED LIKE COMMUNITY PROPERTY
2
CAN TRACING OVERCOME JOINT TITLE?
- TRACING CAN’T OVERCOME CP PRESUMPTION FOR TITLE TAKEN JOINTLY
- TRACING CAN OVERCOME CP PRESUMPTION ON A BANK ACCOUNT BECAUSE PROBATE CODE HONORS TRACING
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SPECIAL CLASSIFICATIONS - PENSION PLANS - ELEMENTS OF RESERVATION OF JURISDICTION APPROACH
- COURT RESERVES JURISDICTION
- AT RETIREMENT APPORTIONS SHARES
- NON-EMPLOYED SPOUSE CAN ELECT TO RECEIVE SHARE AT THE EARLIEST TIME EMPLOYED SPOUSE COULD RETIRE
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COMMUNITY PROPERTY CONTRIBUTIONS TOWARD A SPOUSE’S SEPARATE PROPERTY - BUSINESS -
PEREIRA FORMULA (PSP)
- START WITH ORIGINAL SP INVESTMENT
- MULTIPLY BY FAIR RATE OF RETURN (10 PERCENT)
- MULTIPLY THIS NUMBER BY THE NUMBER OF YEARS THE INVESTMENT HELD WHILE MARRIED
- ADD THIS NUMBER TO ORIGINAL SP INVESTMENT
- RESULT IS SEPARATE PROPERTY
- SUBTRACT RESULT FROM VALUE OF BUSINESS AT DISSOLUTION AND THIS RESULT IS COMMUNITY PROPERTY
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THE COMMUNITY IS LIABLE FOR DEBTS INCURRED
- DURING THE MARRIAGE BY EITHER SPOUSE
- DEBTS INCURRED BEFORE MARRIAGE BY EITHER SPOUSE
1
SPOUSE OWNERSHIP AND DISPOSITION - PERSONAL PROPERTY
- BELONGS EQUALLY TO EACH SPOUSE
3
SPECIAL CLASSIFICATIONS - BUSINESS GOODWILL IN A PROFESSIONAL PRACTICE - THE EXCESS EARNINGS FORMULA
- SPOUSE’S ANNUAL NET EARNINGS
- SUBTRACT ANNUAL EARNINGS OF SIMILARLY SITUATED PROFESSIONAL
- THE DIFFERENCE IS CAPTILIZED OVER TIME PERIOD OF MARRIAGE
2
POUR OVER WILL - TESTATOR CREATES BY
- CREATING INTER VIVOS TRUST
- INCORPORATES TRUST INTO WILL BY REFERENCE, INDEPENDENT SIGNATURE OR STATUTE
2
ALL OR PART OF WILL BE REVOKED BY A SUBSEQUENT WILL WHERE
- THE SUBSEQUENT WILL EXPRESSLY REVOKES ALL OR PART OF THE PREVIOUS WILL
- THE SUBSEQUENT WILL IMPLIEDLY REVOKES ALL OR PART OF PREVIOUS WILL THROUGH INCONSISTENCIES
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120 HOUR RULE
- HEIR MUST SURVIVE DECEDENT BY 120 HOURS
- OR HEIR DETERMINED TO PREDECEASE DECEDENT
- ESTATE WILL ESCHEAT TO STATE
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CATEGORIES OF TRUSTS
- EXPRESS
- RESULTING
- CONSTRUCTIVE