For introductory information on security, see Practice Note: Security—an introductory guide. For links to information addressing frequently asked questions on security issues, see Practice Note: Security—frequently asked questions. English law recognises four types of security interest: mortgages, charges, pledges and liens. Each type of security has different characteristics and grants different types of rights to creditors:. Mortgages—a mortgage is created by the transfer of ownership in an asset by way of security, subject to an express or implied condition which requires the mortgagee to transfer title back to the mortgagor when the obligation for which the security was created is discharged.
The exact form of the mortgage varies, however, depending upon the asset being charged. Note that there are also statutory mortgages which do not involve any transfer of ownership but have a similar effect.
For more information, see Practice Notes: Mortgages and How is a mortgage created? Charges—a charge does not involve any transfer of title to an asset and is therefore an equitable interest with the exception of charges by way of legal mortgage over land which were created by the LPAs 85 1. A charge is an agreement between the chargor and the chargee which gives the chargee a right to sell the asset and to apply the proceeds in discharging the obligations of the chargor.
A charge is a useful means of creating a security over future assets. A charge unlike a legal mortgage can be created over future assets. Pledges—a pledge involves the actual or constructive transfer of possession of an asset to a creditor and can be used for assets whose title passes by delivery. Ownership of the asset remains with the pledgor but the creditor has a power of sale if the pledgor defaults on its payment obligations.
For more information, see Practice Note: Pledges. Liens—a lien can arise as a common law right from general usage or by agreement. It gives a creditor the right to retain possession of an asset until an obligation has been discharged. Although it does not confer a power of sale, a power of sale is sometimes granted by agreement between the parties or by custom. For information on the different types of security available to lenders, see Practice Note: Types of security.
If the security interest does not meet all of these requirements then the security will be equitable not legal. For more information on the differences between legal and equitable security and the advantages and disadvantages of each, see Practice Note: Legal versus equitable security interests. Essentially, security creates an interest in assets, whereas quasi-security creates rights against a person ie it gives the creditor rights against the quasi-security provider. However, quasi-security has a similar economic effect to security as it provides protection for the party receiving it and can increase the likelihood of a creditor being repaid.
Instead, at any time there will be just one amount owed by the party whose notional cross-claim is worth less than its counterpart. Its purpose is to protect the unpaid seller against the buyer's insolvency, giving it priority over other creditors. For more information, see Practice Note: Difference between security and quasi-security. Charges can be characterised as either fixed or floating although only limited companies generally create the later.
Under a fixed charge, which a chargor will usually grant over its more permanent assets such as land and fixtures and fittings, the charge immediately attaches to the assets. The chargee is given control over the chargor's ability to deal with the charged assets.
This means that the chargor cannot dispose of the asset without the consent of the chargee. Under a floating charge attachment is deferred. The chargee's rights attach in the first instance not to specific assets but to a shifting class of assets, including future assets.
The chargor is left free to manage and dispose of assets in the class of charged assets in the ordinary course of business until an event occurs which causes the floating charge to crystallise.
Transferring your Brokerage Account: Tips on Avoiding Delays
Upon crystallisation, the floating charge converts to a fixed charge and attaches to all the assets within the charged class which the chargor currently owns or afterwards acquires and the chargor's authority to deal with those assets comes to an end. The crystallisation of a floating charge does not require any further registration or re-registration at the Companies' Registry since no new security is being created.
Fixed and floating charges.This designation also lets the account holder or security owner specify the percentage of assets each designated beneficiary receives, which helps the executor distribute the person's assets after death. With TOD registration, the named beneficiaries have no access to or control over a person's assets as long as the person is alive.
It is important that beneficiaries are aware of the assets they will inherit so they may prepare accordingly ahead of time. Individual retirement accounts, k s, and other retirement accounts are TOD. An unmarried person may choose anyone as a beneficiary, but a married person's spouse may have rights to some or all of a retirement account upon death.
A surviving spouse has more options for withdrawing money than other beneficiaries do. The named beneficiary may claim the money directly from the account custodian. The Uniform Transfer on Death Securities Registration Act lets owners name beneficiaries for their stocks, bonds, or brokerage accounts. The process is similar to a payable-on-death bank account.
When the account owner registers with a stockbroker or bank, the investor takes ownership. They can then name beneficiaries, and percentage allocations, on the beneficiary form provided by the broker or bank. After receiving notification of an account holder's death, the brokerage firm requests a death certificate, current court letter of appointment, stock power of attorney, affidavit of domicile, or other documents as proof of death.
The required documents depend on the type of account, such as a single or joint account, whether one or both account holders are deceased, and whether the account is a trust account and the trustee or grantor is deceased. Firms may reject documents for the following reasons:. For these reasons, a person must pay close attention when completing and submitting forms. Typically, no buying, selling, transferring of the account to another firm, or other activities may occur until the account is open and legal authority has been established.
Brokers use the information to learn about the account owner beneficiarymeet his or her financial needs, and follow legal and regulatory obligations. When setting up these accounts the owner could file a beneficiary form, stipulating who the assets should be transferred to upon death, and in what percentages. The beneficiary form can be updated at any time by the account owner.
If the owner of the account is married, the account will likely transfer to the spouse, even if other beneficiaries are named. Such laws can vary by statethough.
If the account owner is not married then the assets will be automatically transferred to the named beneficiaries, assuming all the proper documentation is filed to prove the owner is deceased. Assume the owner of the account is unmarried.
Upon death, and after the appropriate paperwork is filed, half of the bank account balance will transfer to the son and the other half to the daughter. Upon death, the percentages are multiplied by the account balance, and that amount is transferred to the respective beneficiaries. Estate Planning. Stock Brokers. Mutual Funds. Your Money.Innovative products and tools for neuroscience research
Personal Finance. Your Practice. Popular Courses. Retirement Planning Estate Planning. What Is Transfer on Death? Key Takeaways Transfer on death applies to certain assets that have a named beneficiary.
The beneficiaries or a spouse receive the assets without having to go through probate. Beneficiaries of the TOD don't have access to the assets prior to the owner's death.Company Filings More Search Options.
Many investors transfer their accounts from one brokerage firm to another without a hitch. If your transfer goes smoothly, count on the whole process taking two to three weeks. But this time frame may vary depending upon such factors as the assets involved, the types of accounts, and the institutions between which the transfer occurs.
Use the correct form to ensure your transfer goes smoothly. Some firms allow you to use one form for all account transfers while others have different forms depending on the type of account you are transferring for example, an IRA account or a margin account. To get the right form, call the new firm where you want to transfer your account or visit its Web site. As you start filling in the transfer form, review the account statement from your old firm where your account is held.
All firms require you to attach a copy of your most recent account statement to the transfer form. The form usually asks for the name on your account, the type of account you want to transfer, account number, the firm where the account is held, and your social security or tax identification number.
Be sure you provide this information exactly as it appears on your old account. For instance, if your middle name or initial appears on your old account, you may run into delays if you forget to include it. When transferring only some of the securities in your account, carefully list the securities you want to transfer on the form.
The easiest way to transfer your account is to keep the type of accounts the same joint account transfers to joint account; IRA to IRA and account owner the same. You can change account type or ownership at the time of the transfer, but this may delay the transfer. You may need to provide documents proving changes to ownership, such as a marriage certificate, divorce decree, or death certificate.
If you have questions about how to complete the form, contact the new firm for help. Once completed, keep a copy of the form for your records.
These rules require firms to complete various stages of the transfer process within a limited period of time. If the transfer is made through ACATS, and there are no problems, the transfer should take no more than six business days to complete from the time your new firm enters your form into ACATS. During this time, your old firm compares the information you provided on the transfer form with its information.
If the information matches, your old and new firms review the transferable assets. If the transfer includes a margin account, the new firm also examines the account to see whether the account meets the firm's margin standards. Firms may have different margin standards about how much they will lend you to trade.
While the transfer is in progress, your account may be "frozen" for part of the time. If this occurs, you may be unable to trade.
Check with both your old and new firms if you want to trade during the transfer process. If a bank participates in the program, then a transfer from the participating bank to a brokerage firm or vice a versa should occur in the standard ACATS time frame of six business days. If you are transferring your account to or from a bank you should ask whether the bank participates in the "ACATS for Banks" program. Be aware that delays may occur when you transfer a retirement account.
Because retirement accounts require a financial institution, such as a bank, to act as the custodian or holder of the account, you must have a custodial arrangement in place at your new financial institution before the transfer can occur. A delay may happen if you have not paid the maintenance fee to the old custodian or the new custodian does not allow a security in the retirement account to be transferred.
Sometimes, a transfer is made manually. This occurs when your assets are with a bank, mutual fund, credit union, insurance company, or limited partnership that does not participate in ACATS.
This also may occur if you request a liquidation of assets other than the standard money market fund in your account. There are no set time frames for completing a manual transfer with these financial institutions. For that reason - and the potential risk of market volatility should there be any delay - you may not want to liquidate any assets via instructions on the transfer form.Assignment by way of security is a concept that comes up on many construction projects; typically as a condition of providing finance a funder will require an assignment by way of security of key construction documents, including building contracts and appointments, with the intention that if the borrower defaults on the loan, the assignment will be perfected and the funder will be entitled to enforce its rights under the constructions documents.
Mailbox raised three defences:. It was held that the wording of the debenture covered future contracts, including the building contract in question. Further, there was a requirement for notice of the assignment to be served and specific reference to rights being re-assigned, both of which were more akin to an absolute assignment.
Express notice was given to Galliford, again consistent with an absolute assignment. Thankfully for Mailbox, on the day it commenced the adjudication, Aareal had re-assigned the rights under the building contract to Mailbox. If it had not done so, or done so after the adjudication had been commenced, Mailbox would not have been entitled to commence the adjudication. When obtaining finance for a project it is crucial to understand what the funder really requires in relation to security over construction documents.Article journal today sports scores
If all rights are assigned, the employer no longer has the ability to enforce such rights and may have given away more than he bargained for.
It may be that the use of collateral warranties or third party rights together with a charge will suffice but if not which is unfortunately still the common positionit is important that any such rights are re-assigned before the employer commences an adjudication or any other proceedings.
We call this the resource limit. Transferring a resource is giving away or selling a resource. For example, giving away cash to another person is a transfer of resources. How long you are ineligible for SSI depends on the value of the resource you transferred.
If you sell a resource for what it is worth, the 36—month ineligibility period does not apply. In some cases, we consider putting resources into a trust as a transfer of resources that makes you ineligible for SSI.
In other cases, we count the trust itself as a resource. Moreover, the value of the trust could put you over the resource limit. Medicaid may not pay for certain health care costs if you or your spouse gives away a resource or sell it for less than it is worth. If you have any questions about how transferring a resource affects Medicaid coverage, please contact the welfare or social services agency that handles Medicaid in your area.
Transfer on Death (TOD)
They can answer your questions about how transferring resources affects Medicaid.Ownership and Transfer of Assets.
Upon the sale, assignment, transfer and delivery of the Assets to the Acquisition Sub hereunder and under the Seller Documents, there will be vested in the Acquisition Sub good, marketable and indefeasible title to the Assets, free and clear of all Liens.
The Assets include all of the assets and properties i held for use by Seller to conduct the Business as presently conducted and ii necessary for Acquisition Sub to operate the Business in the same manner as such business is currently operated by Seller.
All of the tangible Assets are in good repair, have been well maintained and are in good operating condition, do not require any material modifications or repairs, and comply in all material respects with applicable laws, ordinances and regulations, ordinary wear and tear excepted. Sample 1.
Sample 2. Sample 3. The Vendors will be, at the Time of Closing, the registered and beneficial owner of all of the Assets free and clear of any and all Liens save and except the Permitted Encumbrances. The Vendors will have, at the Time of Closing, the power and authority to sell, transfer, assign and deliver the Assets as provided in this Agreement, and such delivery will convey to the Purchaser good and marketable title to such Assets, free and clear of any and all Liens save and except the Permitted Encumbrances.
Immediately after the Closing, Purchaser will own all of the Assets. ABC is the owner of all the Assets, free and clear of any and all Liens other than Permitted Exceptions.
ABC has the power and authority to sell, transfer, assign and deliver all such Assets as provided in this Agreement. Upon the consummation of the Closing, ABC will have conveyed to Purchaser good and marketable title to all of the Assets, free and clear of all Liens other than Permitted Exceptions. The Seller is the record and beneficial owner of the Assets free and clear of any and all Liens.
The Seller has the corporate power and authority to sell, transfer, assign and deliver such Assets as provided in this Agreement, and such delivery will convey to the Parent good and marketable title to such Assets, free and clear of any and all Liens. Exclusive of the Inventory, except as otherwise disclosed on Schedule 4.
To the best of Seller's knowledge, Seller is the owner of the Inventory, free and clear of any and all mortgages, liens, security interests, charges and encumbrances. All of Seller's Tangible Assets are located at the locations listed on Schedule 4. Schedule 4. All leases, subleases and other agreements under which Seller is lessee or lessor of any property, real or personal, are in full force and effect and constitute legal, valid and binding obligations of Seller enforceable in accordance with their respective terms, and grant the leasehold estates they purport to grant free and clear of all mortgages, liens, security interests, charges or encumbrances whatsoever, except as stated in said Schedule 4.
There is not, under any of such instruments claimed a default or any event of default or event which with notice or lapse of time or both would constitute an event of default.Speech repositoryinterpretation speech summary sheet
Section 4.Asset protection is the concept of and strategies for guarding one's wealth. Asset protection is a component of financial planning intended to protect one's assets from creditor claims. Individuals and business entities use asset protection techniques to limit creditors' access to certain valuable assets while operating within the bounds of debtor-creditor law.
Asset protection helps insulate assets in a legal manner without engaging in the illegal practices of concealment hiding of the assetscontempt, fraudulent transfer as defined in the Uniform Fraudulent Transfer Acttax evasionor bankruptcy fraud.
Experts advise that effective asset protection begins before a claim or liability occurs, since it is usually too late to initiate any worthwhile protection after the fact. Some common methods for asset protection include asset protection trustsaccounts-receivable financing and family limited partnerships FLP.
If a debtor has few assets, bankruptcy may be considered the more favorable route compared to establishing a plan for asset protection. If significant assets are involved, however, proactive asset protection is typically advised. In addition, many states allow exemptions for a specified amount a home equity in a primary residence homestead and other personal property such as clothing. Each state in the United States has laws to protect owners of corporations, limited partnerships LPsand limited liability corporations LLCs from the entity's liabilities.
Married couples who hold mutual interest in property under tenants by entirety share a claim to a whole piece of property and not subdivisions of it. If a creditor has claims against both spouses, the tenants by entirety stipulations would not protect the asset from being pursued by that creditor. Some attempts at asset protection include putting the property or financial resource in the name of a familiar member or other trusted associate. For example, an heir might be gifted ownership of real estate or other property while the actual owner continues to reside on the property or make use of it.
This could complicate efforts to seize property as actual ownership must be determined. Financial accounts may also be domiciled in offshore banks in order to legally avoid paying taxes against those funds.
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