Double Law Capitalized Name The YOU Jurisdiction The existence of the trust is a well guarded secret, but there are slips about it: The U.S. citizen is registered as a "beneficiary" of the trust via his/her birth certificate. The … Federal Reserve, - … Trustees holds legal title. Again, like all trusts there are four component parts to this trust: the one who created it, the asset, the one who holds legal title over it and the beneficiary: Creator Asset(s) Manager Beneficiary The “asset” is YOU, you working, being taxed, transacting on the account for loans, credit cards and so forth. It’s an extremely valuable asset, title to which is a priced and sold, by contract. It is priced and sold at a “par value,” which all companies have in their articles of incorporation – typically $100 per unit interest in the whole (or 100%). As with all trust accounts, the manager of the account(s) (also called the trustee) owes the beneficiary (YOU) basic contract and fiduciary duties: Good Faith Fair Dealings YOU didn’t know about this, which creates an inexcusable disclosure problem: Whatever … intention [for not disclosing] … this … [does] … not … relieve the trustees of … a … duty to furnish information, and duty to act impartially. See Restatement (Second) of Trusts …. The duties to furnish information and to act impartially are … separate duties. Trustees [are not] … exculpated for … the duty to (i) inform beneficiaries or (ii) treat them impartially. Self-dealing is the conduct of a fiduciary trustee or an attorney that consists of taking advantage of his position in a transaction and acting for his own interests rather than for the interests of the beneficiaries of the trust. Self-dealing may involve misappropriation or usurpation of assets. Self-dealing is a form of conflict of interest. To say that a man is a fiduciary only begins the analysis; it gives direction to further inquiry. To whom is he a fiduciary? What obligations does he owe as a fiduciary? In what respect has he failed to discharge these obligations? And what are the consequences of his deviation from his duty? U.S. Congressional Record, March 17, 1993 Vol. 33, page H-1303 - Speaker-Rep. James Traficant, Jr. (Ohio). Kirke La Shelle Company v. The Paul Armstrong Company et al. 263 N.Y. 79 (1933). McNEIL v. McNEIL III PNC 1959 (Judge Walsh, DE Sup. Ct., May 16, 2002). Shleifer, Andrei & Wolfenzon, Daniel, 2002. "Investor protection and equity markets," Journal of Financial Economics, Elsevier, vol. 66(1), pages 3-27, October. In SEC v. Chenery Corporation 318 U.S. 80 (1943).
Posted on: Wed, 11 Sep 2013 03:03:55 +0000
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