Trusts have been employed in the English legal system for hundreds of years. In 1979, Prof. R.H. Hehnholz reviewed court records to examine the early history of trusts. Prof. Hehnholz started by noting, “As a means of avoiding feudal incidents and of evading the common law rule prohibiting devises of freehold land, the feoffment to …
Continue reading “The Enforcement of Trusts in the Medieval Legal System”
The California Supreme Court recently considered when a transfer of ownership occurs in the context of an estate planning trust. The dispute arose in under Proposition 13, which sets the rules for property tax reassessment. According to the court, “When Helfrick died, the residence’s assessed value for tax purposes was $96,638, with total taxes due …
Continue reading “Change of Property Ownership Triggers Big Tax Bill”
In the recent case of Sharabianlou v. Karp, 2010 DJDAR 2039 (Feb. 8, 2010), the court considered the following facts. “Faced with uncertainty about the scope of the contamination and the cost of its cleanup, and unable to agree on who should pay for the remediation, the parties failed to close escrow. After further efforts …
Continue reading “Agent Not Liable for Breach of Fidicuary Duty Without Proof of Damages”
Continuing his recent discussion of fault in contract law, Judge Posner explains that, “The idea of ‘good faith’ is an example. We generally want people to be honest and aboveboard in their dealings with others. But there is no general duty of good faith in contract law. If you offer a low price for some …
Continue reading “Judge Posner Writes on Blameworthiness in Contract Theory”