DOCSLIB.ORG

Wilson V. Moir (In Re Wilson)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Wilson V. Moir (In Re Wilson) Wilson v. Moir (In re Wilson) United States Bankruptcy Court for the Eastern District of Virginia, Alexandria Division December 27, 2006, Decided Case No. 05-13928-SSM, Chapter 7, Adversary Proceeding No. 06-1063 Reporter: 359 B.R. 123; 2006 Bankr. LEXIS 3635 ″investment return″ to the ″M″ defendants was subordi- nated to the claims of general creditors. The court re- In re: EMELINE D. WILSON, Debtor; EMELINE D. jected plaintiffs’ request that it recharacterize the ″M″ de- WILSON et al., Plaintiffs vs. DAVID L. MOIR et al., fendants’ claim as an equity investment. Next, the court Defendants found no basis for reducing the ″M″ defendants’ claim by the amount of a third-party guarantee. Finally, the ″M’ Prior History: Wilson v. Moir (In re Wilson), 2006 Bankr. defendants would be entitled to payment of the ″invest- LEXIS 1001 (Bankr. E.D. Va., May 26, 2006) ment return″ after the timely-filed unsecured claims had been paid in full. Core Terms Outcome Overall, the court determined that the ″M″ defendants’ trust deed, subordination, deed, equitable, conveyance, deed of trust was subordinate to the bank’s and seller’s grantor, bona fide purchaser, recharacterization, notice, ″ mortgage, investment return, legal title, acres, deeds of trust, and that payment of a $ 250,000 invest- constructive notice, real estate, settlement, claimant, ment return″ owed to the ″M″ defendants should be equi- deposit, collateral, repayments, acquisition of title, tably subordinated to the claims of unsecured credi- investment agreement, actual knowledge, certificate, tors. strong-arm, doctrine, seller, buyer, feet, purchase-money LexisNexis® Headnotes Case Summary Bankruptcy Law > Procedural Matters > Jurisdiction > Core Pro- ceedings Procedural Posture Plaintiff debtor sued to avoid a deed of trust in favor of de- HN1 A determination of the validity, extent or priority fendant creditors under the trustee’s strong-arm pow- of liens is a core proceeding in which a final judgment ers, or, alternatively, to equitably subordinate the credi- may be entered by a bankruptcy judge. 28 U.S.C.S. § tors’ claim, to recharacterize it as an equity investment, to 157(b)(2)(K). limit it to funds advanced, and to reduce it by the amount for which the creditors had a third-party guaran- Real Property Law > Priorities & Recording > General Overview tee. Holders of two competing deeds of trust sought to HN2 establish their priority. Pending was judgment. See Va. Code Ann. § 55-105 (1950). Real Property Law > Priorities & Recording > General Overview Overview After discussing the effect of Va. Code Ann. § 55-105 HN3 In Virginia , the mere fact that a deed of trust is re- (1950), the court could not find that the mere recording corded before the mortgagor acquires title to the prop- ″ ″ of the deed of trust (referred to here as the M deed of erty does not affect its validity as between the parties: trust) prior to the time debtor acquired legal title of re- When a deed purports to convey property, real or per- cord would have provided either constructive or inquiry sonal, describing it with reasonable certainty, which the notice to the bank and seller of the existence of a com- grantor does not own at the time of the execution of the peting deed of trust. Thus, the priority of the note hold- deed, but subsequently acquires, such deed shall, as be- er’s and seller’s respective deeds of trust were unaf- tween the parties thereto, have the same effect as if the title ″ ″ fected by, and were superior to, the M deed of trust. which the grantor subsequently acquires were vested in Given this ruling, the trustee’s avoidance claim was moot. him at the time of the execution of such deed and thereby As to the principal and interest on the funds advanced conveyed. Va. Code Ann. § 55-52. by the ″M″ defendants, no basis had been shown to equi- tably subordinate their claims. However, the $ 250,000 Real Property Law > Priorities & Recording > Elements > Bona Page 2 of 14 359 B.R. 123, *123; 2006 Bankr. LEXIS 3635, **3635 Fide Purchasers lien securing such a subordinated claim be transferred to the estate. 11 U.S.C.S. § 510(c). HN4 In Virginia , a bona fide purchaser for value is re- quired to examine the land records and is chargeable Bankruptcy Law > ... > Types of Claims > Unsecured Priority with such knowledge as might be revealed by such exami- Claims > Subordination nation. HN9 Although Congress included no explicit criteria for Real Property Law > Priorities & Recording > General Overview equitable subordination when it enacted 11 U.S.C.S. § 510(c), the language of the statute clearly indicates con- HN5 Va. Code Ann. § 55-105 (1950) is simply a limita- gressional intent at least to start with existing doctrine. tion on the constructive notice that would otherwise That existing doctrine, as the U.S. Supreme Court ob- arise from recordation and does not allow a purchaser or served, was judge-made and was generally triggered mortgagee to simply ignore a conveyance or mortgage by a showing that the creditor had engaged in ″some type recorded prior to the time the grantor acquired record title of inequitable conduct″ that ″resulted in injury to the where the purchaser has actual knowledge or inquiry creditors of the bankrupt or conferred an unfair advan- knowledge of its existence. tage on the claimant. Under the test adopted by the U.S. Court of Appeals for the Fourth Circuit, equitable sub- Real Property Law > Priorities & Recording > General Overview ordination generally requires an inquiry into (1) whether HN6 the claimant engaged in fraudulent conduct, (2) Under Va. Code Ann. § 55-105 (1950), the record- whether the conduct resulted in injury to creditors, and ing of a deed or contract before a party acquires legal (3) whether subordination would be consistent with the title of record does not constitute constructive notice to bankruptcy law. As the U.S. Court of Appeals for the subsequent purchasers or mortgagors. Additionally, in Vir- ″ ″ ″ ″ Tenth Circuit recently explained, inequitable conduct ginia , the doctrine of transitory seisin would prevent for subordination purposes encompasses three categories any interest that is perfected simultaneously with the ac- of misconduct: (1) fraud, illegality, and breach of fidu- quisition of title from achieving priority over a deed of ciary duties; (2) undercapitalization; or (3) claimant’s use trust to secure the purchase price of the property. As ex- of the debtor as a mere instrumentality or alter ego. plained in an early decision: When, therefore, land is conveyed and the purchaser at the same time gives back Bankruptcy Law > ... > Types of Claims > Unsecured Priority a mortgage or other incumbrance to secure the purchase Claims > Subordination -money, he does not thereby acquire any such seizen or in- terest as will entitle his wife to dower, or his creditor HN10 It has been said that equitable subordination is an to subject the land to his debts discharged of the mort- extraordinary remedy which is applied sparingly. For gage. In such cases the deed and mortgage are regarded as this reason, where the claimant is not an insider or a fi- parts of the same contract, and constitute but a single duciary, the party seeking equitable subordination transaction, investing the purchaser with seizen for a tran- must demonstrate egregious conduct such as gross mis- sitory instant only. conduct tantamount to fraud, misrepresentation, over- reaching, or spoliation. Bankruptcy Law > ... > Prepetition Transfers > Voidable Trans- fers > Lien Creditors & Purchasers Bankruptcy Law > ... > Types of Claims > Unsecured Priority Claims > Subordination HN7 A bankruptcy trustee has the rights and powers of, or may avoid any transfer of property of the debtor HN11 It is true that there is nothing inherently inequi- that is voidable by a bona fide purchaser of real prop- table when parties dealing at arm’s length with each other erty, other than fixtures, from the debtor that obtains the agree to structure a financial transaction in a way that status of a bona fide purchaser at the time of the com- is more favorable to the party putting up the money. Put mencement of the case. 11 U.S.C.S. § 544(a)(3). Simply another way, equitable subordination is not appropriate stated, the bankruptcy trustee is in the same position, simply because a claim is larger than it would have been with respect to real estate, as if he were a bona fide pur- had the parties structured the transaction some other chaser who bought the property from the debtor on the way. filing date and simultaneously perfected the transfer by re- cording a deed. Bankruptcy Law > Claims > General Overview Bankruptcy Law > ... > Types of Claims > Unsecured Priority Claims > Subordination Bankruptcy Law > ... > Types of Claims > Unsecured Priority Claims > Subordination HN12 As a practical matter, recharacterization of a debt HN8 A bankruptcy court may (1) under principles of eq- as equity achieves essentially the same result as equi- uitable subordination, subordinate for purposes of distri- table subordination, since equity receives distributions in bution all or part of an allowed claim to all or part of an- bankruptcy only after creditors have been paid in full. other allowed claim or all or part of an interest to all or However, recharacterization proceeds from a different part of another allowed interest; or (2) order that any premise. Equitable subordination focuses on the credi- Page 3 of 14 359 B.R. 123, *123; 2006 Bankr. LEXIS 3635, **3635 tor’s conduct vis-a-vis the debtor or other creditors. By contrast, when a putative loan to a corporation is rechar- For Brett Anthony Amendola, ROGER AMENDOLA, De- acterized, the courts effectively ignore the label at- fendant (06-01063-SSM): Geoffrey J.
Load more

Recommended publications
  • Full Report Introduction to Project
    THE ILLUSION OF CHOICE: Evictions and Profit in North Minneapolis Author: Principal Investigator, Dr. Brittany Lewis, Senior Research Associate Contributing Authors: Molly Calhoun, Cynthia Matthias, Kya Conception, Thalya Reyes, Carolyn Szczepanski, Gabriela Norton, Eleanor Noble, and Giselle Tisdale Artist-in-Residence: Nikki McComb, Art Is My Weapon “I think that it definitely has to be made a law that a UD should not go on a person’s name until after you have been found guilty in court. It is horrific that you would sit up here and have a UD on my name that prevents me from moving...You would rather a person be home- less than to give them a day in court to be heard first...You shouldn’t have to be home- less to be heard.” – Biracial, female, 36 years old “I’ve heard bad “There is a fear premium attached to North Min- things. He’s known neapolis. Because what’s the stereotypical image as a slumlord...But people have of North Minneapolis? I could tell you. against my better Bang, bang. People are afraid of it. If you tell people, judgment, to not I bought a property in North Minneapolis. What they wanting to be out say is, ‘Why would you do that?’” – White, male, a place and home- 58 year old, property manager and owner less and between moving, I took the first thing. It was like a desper- ate situation.” – Biracial, female, 45 years old For more visit z.umn.edu/evictions PURPOSE, SELECT LITERATURE REVIEW, RESEARCH DESIGN AND METHODS Purpose Single Black mothers face the highest risk of eviction in the Single Black women with children living below the poverty line United States.
    [Show full text]
  • Colorado Amends Unclaimed Property Law Regarding Gift Cards; Will Other States Follow?
    Journal of Multistate Taxation and Incentives Volume 23, Number 10, February 2014 Department: PROCEDURE Colorado Amends Unclaimed Property Law Regarding Gift Cards; Will Other States Follow? States are reviewing their processes and looking for the means to enhance revenue, a course that includes increasing enforcement efforts and accelerating dormancy periods and reporting deadlines. By: JAMSHID EBADI AND SAMUEL SCHAUNAMAN JAMSHID EBADI is a Director with the Abandoned and Unclaimed Property Practice at Ryan LLC, in Greenwood Villa, Colorado. SAMUEL SCHAUNAMAN, J.D., is a Senior Manager with the same practice group, in Tulsa, Oklahoma, and he has previously written for The Journal. This article appears in and is reproduced with the permission of the Journal of Multistate Taxation and Incentives, Vol. 23, No. 10, February 2014. Published by Warren, Gorham & Lamont, an imprint of Thomson Reuters. Copyright (c) 2014 Thomson Reuters/Tax & Accounting. All rights reserved. All states, as well as an increasing number of foreign countries, have laws regulating the reporting and remitting of unclaimed property to the respective jurisdictions. Colorado has recently amended its Unclaimed Property Act ("Colorado Act" or "the Act") and the following discussion provides a synopsis of the Act and highlights the recent legislative developments in Colorado affecting the Act. First, however, we provide an overview of what typically constitutes unclaimed property. While not a "tax," unclaimed property nevertheless has become a significant source of funds for many states. The field of unclaimed property (also referred to as "abandoned property" or "escheat") concerns the requirement that businesses holding such property (the "holders") report the property to state governments.
    [Show full text]
  • Professor Crusto
    Crusto, Personal Property: Adverse Possession, Bona Fide Purchaser, and Entrustment New Admitted Assignment, Monday, May 11, 2020 ************************************** Please kindly complete in writing and kindly prepare for discussion for the online class on Friday, May 15, 2020, the following exercises: I. Reading Assignments (see attached below, following Crusto’s lecture notes): 1. Adverse Possession, Bona Fide Purchaser, Entrustment: pp. 116-118, 151-163: O’Keeffe v. Snyder (see attachment) and 2. Crusto’s Notes (below) II. Exercises: Exercise 1 Based on the cases and the reading assignment (above) and Crusto lecture notes (below), write an “outline” listing five legal issues for the personal property topics of 1. Adverse Possession, Bona Fide Purchaser, and Entrustment, and ten rules and authorities (one word case name or other source). Exercise 2 Answer the following questions, providing a one sentence answer for each question: 1. Provide three examples of personal (not real) property. 2. What are the indicia (evidence) of ownership of personal property? 3. How does a person normally acquire title to personal property? 4. What role does possession play in evidencing ownership of personal property? 5. What is meant by the maxim that “possession is 9/10s of the law”? 6. How, if ever, can a person acquire title to personal property by adverse possession? 7. What is a statute of limitations? 8. What role did the statute of limitations play in the O’Keefe case? 9. How does a person qualify as a bona fide purchaser? 10. What benefits result from such a qualification? 11. What is the rule of discovery? 12.
    [Show full text]
  • An Environmental Critique of Adverse Possession John G
    University of the Pacific Scholarly Commons McGeorge School of Law Scholarly Articles McGeorge School of Law Faculty Scholarship 1994 An Environmental Critique of Adverse Possession John G. Sprankling Pacific cGeM orge School of Law Follow this and additional works at: https://scholarlycommons.pacific.edu/facultyarticles Part of the Environmental Law Commons, and the Property Law and Real Estate Commons Recommended Citation John G. Sprankling, An Environmental Critique of Adverse Possession, 79 Cornell L. Rev. 816 (1994) This Article is brought to you for free and open access by the McGeorge School of Law Faculty Scholarship at Scholarly Commons. It has been accepted for inclusion in McGeorge School of Law Scholarly Articles by an authorized administrator of Scholarly Commons. For more information, please contact [email protected]. Cornell Law Review Volume 79 Article 2 Issue 4 May 1994 Environmental Critique of Adverse Possession John G. Sprankling Follow this and additional works at: http://scholarship.law.cornell.edu/clr Part of the Law Commons Recommended Citation John G. Sprankling, Environmental Critique of Adverse Possession , 79 Cornell L. Rev. 816 (1994) Available at: http://scholarship.law.cornell.edu/clr/vol79/iss4/2 This Article is brought to you for free and open access by the Journals at Scholarship@Cornell Law: A Digital Repository. It has been accepted for inclusion in Cornell Law Review by an authorized administrator of Scholarship@Cornell Law: A Digital Repository. For more information, please contact [email protected]. AN ENVIRONMENTAL CRITIQUE OF ADVERSE POSSESSION John G. Spranklingf INTRODUCTION Consider three applications of modem adverse possession law to wild, undeveloped land.
    [Show full text]
  • Nonprofit Real Estate Development Toolkit: Stable, Affordable Space for Manufacturing
    NONPROFIT REAL ESTATE DEVELOPMENT TOOLKIT: STABLE, AFFORDABLE SPACE FOR MANUFACTURING DEVELOPED FOR THE URBAN MANUFACTURING ALLIANCE BY THE PRATT CENTER FOR COMMUNITY DEVELOPMENT Purpose of this toolkit This toolkit is meant to help manufacturers understand developers, and help developers understand manufac- turers, so they can better identify and pursue opportunities to work together. We also want state, local, and federal govern- ment actors to understand the particular challenges urban manufacturers face in securing the space they need; and we want to promote the development of policy and financing tools that can lower some of the barriers to nonprofit industrial development that now impede the growth of vibrant, diverse, and stable industrial communities. Reclaiming legacy industrial buildings in urban markets demands development Introduction: why is nonprofit industrial expertise and a mission-driven commitment. real estate development important to urban Different markets: different challenges manufacturers? Hot market challenges: Manufacturers need space that is: • In high-cost, high-demand cities, land that has traditionally Stable been industrial is under pressure from users who can pay Affordable more – much more – for space than manufacturers. A parcel of land used for manufacturing may have value of Right Size $150 per square foot; if residential development is allowed on the same parcel, its value may be $3,000 per square Right Quality foot or more. Right Location • Political leaders in many cities have rezoned Industrial land to accommodate residential and commercial growth, But good space is hard to find – in hot-market cities and in often with the stated goal of increasing local property and cool ones.
    [Show full text]
  • Fully, Even If Are Not Essential to the Use Or Purpose of the to His Web Site and Allowing Downloads There Is No Finding of Bad Faith Or Fraud
    NEW YORK LAW JOURNAL MONDAY, APRIL 15, 2002 was not fair use, because it was not that attorney’s fees may be awarded in a tectable. While those features were not func- transformative, and was likely to harm the trademark action under the Lanham Act tional in the “traditional sense,” in that they market for Kelly’s work by reducing visitors where the defendant acted willfully, even if are not essential to the use or purpose of the to his Web site and allowing downloads there is no finding of bad faith or fraud. goods and do not affect their cost or without payment of a license fee. Tamko Roofing Products, Inc. v. Ideal Roofing quality, they were functional because pro- Resolving what it described as an issue of Co., Ltd., 282 F.3d 23 (1st Cir. 2002). With hibiting their use would impose a “significant first impression under the 1976 Copyright that holding, it aligned itself with the Eighth non-reputation-related disadvantage” on Act, the Ninth Circuit held that an and Tenth Circuits, and against the Second, American Eagle. Denying competitors access exclusive licensee does not have the right to Fourth and Fifth. Section 35(a) of the to elements of the claimed trade dress, which transfer its rights without the consent of the Lanham Act, 15 U.S.C. §1117(a), allows for included use of words such as “performance” licensor. Gardner v. Nike, Inc., 279 F.3d 774 a fee award in “exceptional” cases. The court and “outdoor” and certain primary color (9th Cir. 2002). In 1992, Nike signed an found that the legislative history of the act combinations, would “prevent effective agreement giving Sony the exclusive right to indicates that “deliberate” and “willful” competition in the market.” use a cartoon character in connection with conduct may make a case “exceptional.” In sound recordings and associated promotional the case before it, a fee award was justified Patents activity.
    [Show full text]
  • Bona Fide Purchaser--Without Title John E
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by University of Kentucky Kentucky Law Journal Volume 36 | Issue 2 Article 2 1948 Bona Fide Purchaser--Without Title John E. Howe Creighton University Follow this and additional works at: https://uknowledge.uky.edu/klj Part of the Property Law and Real Estate Commons Right click to open a feedback form in a new tab to let us know how this document benefits you. Recommended Citation Howe, John E. (1948) "Bona Fide Purchaser--Without Title," Kentucky Law Journal: Vol. 36 : Iss. 2 , Article 2. Available at: https://uknowledge.uky.edu/klj/vol36/iss2/2 This Article is brought to you for free and open access by the Law Journals at UKnowledge. It has been accepted for inclusion in Kentucky Law Journal by an authorized editor of UKnowledge. For more information, please contact [email protected]. BONA FIDE PURCHASER-WITHOUT TITLE1 By JoHN E. HoWEv The legal mind in time of confusion resorts to the use of ancient maxims and Latin phrases in an effort to bring order from chaos. Unless that mind has a fundamental traming m Latin and Legal History-and few minds have such training- the use of such material tends to further mire the person in the depths of misunderstanding. Judicial decisions based on such reasoning are entirely worthless, as the propounders themselves fail to have a basic concept of the idea or thought that is being advanced. If we seek further we will find that it is not uncommon for the teacher, attorney and student of law to justify decisions of the courts through the use of these phrases.
    [Show full text]
  • Real Property Conveyance Fee
    Real Property Conveyance Fee tate law establishes a mandatory conveyance fee that is exempt from federal income taxation, when on the transfer of real property. The fee is calculated the transfer is without consideration and furthers the Sbased on a percentage of the property value that is agency’s charitable or public purpose. transferred. In addition to the mandatory fee, all but one • when property is sold to provide or release security county levies a permissive real property transfer fee. The for a debt, or for delinquent taxes, or pursuant to a revenue from both the mandatory fee and the permissive court order. fee is deposited in the general fund of the county in which • when a corporation transfers property to a stock­ the property is located - no revenue goes to the state. In holder in exchange for their shares during a corporate 2013, the latest year for which data is available, convey­ reorganization or dissolution. ance fees generated approximately $108.7 million in rev­ • when property is transferred by lease, unless the enues to counties: $34.0 million from mandatory fees and lease is for a term of years renewable forever. $74.7 million from permissive fees. • to a grantee other than a dealer, solely for the pur­ pose of, and as a step in, the prompt sale to others. Taxpayer • to sales or transfers to or from a person when no (Ohio Revised Code 319.202 and 322.06) money or other valuable and tangible consideration The real property conveyance fee is paid by persons readily convertible into money is paid or is to be paid who make sales of real estate or used manufactured for the realty, and the transaction is not a gift.
    [Show full text]
  • Connecticut Valley Environmental Services, Inc. of the Profit Sharing Plan of Connecticut Valley Environmental Services, Inc
    THE STATE OF NEW HAMPSHIRE SUPREME COURT 2011 TERM OCTOBER SESSION Case No. 2011-0227 MICHAEL O’HEARNE AND MARIE O’HEARNE Petitioners – Appellees v. JAMES U. McCLAMMER, JR. Respondent – Appellant and JAMES U. McCLAMMER, JR., TRUSTEE OF THE PROFIT SHARING PLAN OF CONNECTICUT VALLEY ENVIRONMENTAL SERVICES, INC. Petitioner – Appellant v. MICHAEL O’HEARNE AND MARIE O’HEARNE Respondents – Appellees ______________________________________________________________________________ RULE 7 APPEAL FROM SULLIVAN COUNTY SUPERIOR COURT ______________________________________________________________________________ OPENING BRIEF OF APPELLANT - JAMES U. McCLAMMER, JR., TRUSTEE OF THE PROFIT SHARING PLAN OF CONNECTICUT VALLEY ENVIRONMENTAL SERVICES, INC. ______________________________________________________________________________ Bradford T. Atwood, Esq. NH Bar No. 8512 CLAUSON & ATWOOD 10 Buck Road Hanover, NH 03755 603-643-2102 Oral Argument by: James M. McClammer or Bradford T. Atwood, Esq. TABLE OF CONTENTS TABLE OF AUTHORITIES ......................................................................................................... iii STATUTORY PROVISIONS .........................................................................................................v QUESTIONS PRESENTED ...........................................................................................................1 STATEMENT OF CASE, FACTS AND PROCEDURAL HISTORY .........................................2 SUMMARY OF THE ARGUMENT ............................................................................................11
    [Show full text]
  • Patent Transfer and the Bundle of Sticks
    GW Law Faculty Publications & Other Works Faculty Scholarship 2016 Patent Transfer And The Bundle of Sticks Andrew Michaels The George Washington University Law School Follow this and additional works at: https://scholarship.law.gwu.edu/faculty_publications Part of the Law Commons Recommended Citation Michaels, Andrew C., Patent Transfer and the Bundle of Sticks (December 1, 2016). GWU Law School Public Law Research Paper No. 2016-57; GWU Legal Studies Research Paper No. 2016-57. Available at SSRN: https://ssrn.com/abstract=2883829 This Article is brought to you for free and open access by the Faculty Scholarship at Scholarly Commons. It has been accepted for inclusion in GW Law Faculty Publications & Other Works by an authorized administrator of Scholarly Commons. For more information, please contact [email protected]. Andrew C. Michaels Patent Transfer DRAFT – Dec. 2016 Patent Transfer And The Bundle of Sticks by Andrew C. Michaels* Abstract In the age of the patent troll, patents are often licensed and transferred. A transferred patent may have been subject to multiple complex license agreements. It cannot be that such a transfer wipes the patent clean of all outstanding license agreements; the licensee must keep the license. But at the same time, it cannot be that the patent transferee becomes a party to a complex and sweeping license agreement – the contract – merely by virtue of acquiring one patent. This article attempts to separate the in personam aspects of a license agreement from its effects on the underlying in rem patent rights, using Hohfeld’s framework of jural relations and the “bundle of sticks” conception of property.
    [Show full text]
  • State of Hawaii Guidelines for Reporting and Remitting Unclaimed
    GUIDELINES FOR REPORTING AND REMI1TING UNCLAIMED PROPERTY HOLDER REPORT DUE NOVl Updated July 2016 HOLDER INFORMATION "Holders of unclaimed property are usually companies, businesses, corporations, partnerships, professional associations, non-profit organizations, private organizations, government entities or state agencies in possession of unclaimed property as defined in Chapter 523A, HRS. Holders are required to annually report and escheat unclaimed property to the State of Hawaii Unclaimed Property Program." Contents Unclaimed Property Statutes ........................ 3 Holder Reporting Guidelines .......................... 4 Holder Reporting Requirements ..................... 5 HOLDER REPORT TOTAL & REMITTANCE AMOUNT MUST AGREE A REPORT WHICH DIFFERS FROM THE REMITTANCE AMOUNT MAY BE RETURNED HOLDER REPORT SHARES TOTAL & TRANSFER OF SHARES TOTAL MUST AGREE A REPORT OF SHARES WHICH DIFFERS FROM THE DOCUMENT CONFIRMING TRANSFER OF THE SHARES MAY BE RETURNED Unclaimed Property Program References 250 S. Hotel Street Room 304 • Unclaimed Property Statutes http://www.capitol. hawa ii.gov /hrscurrenWol12_C h050 1- 0588/HRS0523A/H RS_0523A- .him (808) 586-1589 • NAUPA Standard Electronic File Format https://www.unclaimed.org/uploads/resources/52/naupa-format-revised-9-26-13-new- relationship-ownership-codes-final-correct1.pdf • Holder Request for Reimbursement Form https://www.unclaimed.org/uploads/resources/319/naupa-holder-reimbursement-form-rev- make-fillable-update-2016.pdf State of Hawaii Updated July 2016 HOLDERS: HOLDER REPORT Submittals DUE NOV 1 The State of Hawaii Unclaimed Property Program will acknowledge acceptance of a holder report by email. REMITTANCE CHECK AMOUNT & REPORT TOTAL MUST AGREE CONFIRMATION DOCUMENT & TOTAL SHARES MUST AGREE REPORT SUBMITTALS MAY NOT BE ACCEPTED IF REPORT AND REMITTANCE DIFFER AND/OR IF TOTAL SHARES AND CONFIRMATION DOCUMENT DIFFER HRS 523A: A holder of abandoned property shall make a report and pay, deliver or cause to be paid or delivered to the administrator the property described in the report as unclaimed.
    [Show full text]
  • The Equitable Separate Estate and Restraints on Anticipation: Its Modern Significance
    University of Miami Law Review Volume 11 Number 1 Miami Law Quarterly Article 8 10-1-1956 The Equitable Separate Estate and Restraints on Anticipation: Its Modern Significance Jack J. Rappeport Follow this and additional works at: https://repository.law.miami.edu/umlr Recommended Citation Jack J. Rappeport, The Equitable Separate Estate and Restraints on Anticipation: Its Modern Significance, 11 U. Miami L. Rev. 85 (1956) Available at: https://repository.law.miami.edu/umlr/vol11/iss1/8 This Article is brought to you for free and open access by the Journals at University of Miami School of Law Institutional Repository. It has been accepted for inclusion in University of Miami Law Review by an authorized editor of University of Miami School of Law Institutional Repository. For more information, please contact [email protected]. THE EQUITABLE SEPARATE ESTATE AND RESTRAINTS ON ANTICIPATION: ITS MODERN SIGNIFICANCE JACK J. RAPPEPORT* It is frequently assumed that with the enactment of the Married \Vomen's Property Acts, the equitable separate estate doctrine has become obsolete' and is at present of historical significance only. It is the object of this article to show that the sweeping generality of this statement is erroneous and to indicate the possibilities of using the separate estate device, together with the restraint on anticipation, as an alternative to spendthrift trusts. A spendthrift trust creates a right in property held by one person for the benefit of another and contains valid provisions against alicnation of the property right either by the voluntary acts of the beneficiary or by acts of his creditors.
    [Show full text]