However Jisander was later prosecuted and convicted in 2009 for embezzlement related to Trustor. He is the only one to be convicted of a crime in connection with the Trustor Affair. There are no longer any open police investigations concerning the Trustor Affair as the statutes of limitations are in effect since June 2007. Smallbone was never prosecuted but was sued in a civil lawsuit by Trustor but this was later abandoned.
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Sociology, September 2005, Vol. 20(3): 283–305. Trust is specifically valuable if the trustee is much more powerful than the trustor, yet the trustor is under social obligation to support the trustee.Baier, A. (1986).
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Mr Smallbone had been the managing director of Trustor AB, and it was claimed that in breach of fiduciary duty he transferred money to a company that he owned and controlled. Trustor AB applied to treat receipt of the assets of that company as the same as the assets of Mr Smallbone. It argued that Smallbone's company was a sham to help breaches of duty, it had been involved in improper acts and the interests of justice demanded the result. The case against Mr Smallbone was eventually dropped by Trustor AB as there was no breach of fiduciary duty.
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It is suggested that swift trust is simply a risk management strategy. Furthermore, swift trust might inhibit actual trust building between the trustor and trustee.
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The same day a preliminary investigation started to look into the acquisition and the group of people behind it. After a discussion with the company the Stockholm stock exchange stopped the trading in Trustor. The Swedish Economic Crime Authority made an investigation into all transactions to see how much and where to the money had gone. They later concluded that 478 million had disappeared from Trustor.
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Transactions involving deeds of trust are normally structured, at least in theory, so that the lender/beneficiary gives the borrower/trustor the money to buy the property; the borrower/trustor tenders the money to the seller; the seller executes a grant deed giving the property to the borrower/trustor; and the borrower/trustor immediately executes a deed of trust giving the property to the trustee to be held in trust for the lender/beneficiary. In reality, an escrow holder is always used so that the transaction does not close until the escrow holder has the funds, grant deed, and deed of trust in their possession. This ensures the transaction can be easily rescinded if one party is unable to complete its part of the deal. Deeds of trust differ from mortgages in that deeds of trust always involve at least three parties, where the third party holds the legal title, while in the context of mortgages, the mortgagor gives legal title directly to the mortgagee.
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Joachim Posener has not been found guilty of any crime in connection with the Trustor Affair and the police have no longer any interest in him as of 2009. With regard to any economic relationship between Posener and Trustor AB the two parties settled out of court in 2007, a settlement that among other things had Posener pay 1.5 million SEK to Trustor AB. Two and a half years later, in December 2009, Swedish police and State prosecutor Bernt Berger met with Joachim Posener and Posener's Swedish attorney Leif Gustafson, at Posener's own request at the Swedish embassy in Belgium. The meeting came to be because Posener wished to be interrogated by police so the last criminal charges against him could be written off. The question was if Posener had the right to under the existing legal circumstances in which he found himself in 2004 published the book Internationellt Efterlyst – Mitt liv efter Trustor.
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In 1997 several individuals including the British lord Jonathan Guinness, Lord Moyne, planned the take over of the Swedish investment company Trustor AB. Team Moyne had initially identified a couple of companies which matched the criteria making them suitable for takeover, of which Trustor was one. In January 1997 Jisander contacted Erik Penser Fond Commission (EPFC). Mattson and Jisander met with EPFC as representatives for Lord Moyne who was interested in buying a Swedish investment company. Jisander and Mattson presented both proof that they were indeed acting on behalf of Lord Moyne and the criteria for the target company and after a series of discussions Trustor was found to be the best alternative.
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Trustor Annual report 1997 and 1998 Because of the take over the under valuated assets were sold at market price and their real value recovered by Trustor AB. Joachim Posener refused to return to Sweden to be questioned and was sought by interpol but was never apprehended. Lord Moyne was declared bankrupt and later prosecuted along with Jisander and Mattson. Moyne was acquitted due to lack of evidence and after appeal so were also Jisander and Mattson.
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Lord Moyne was accused of involvement in a Swedish financial scandal. The case concerns a now defunct Swedish investment company, Trustor, of which Lord Moyne was made a figurehead director. It was alleged that Guinness was involved in the disappearance of £50,000,000 from Trustor's accounts, £35,000,000 of which were soon found on Trustor AB:s own bank account as they had never left the company. Guinness maintained that he was innocent of any wrongdoing, claiming he has been "stitched up".
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In social sciences and in information technology, trustor (alt. truster in e.g.Hardin R. (2002) Russel Hardin: Trust and trustworthiness. Russel Sage Foundation.) is an entity that trusts the other entity (the trustee).
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Living trusts, as opposed to testamentary (will) trusts, may help a trustor avoid probate. Avoiding probate may save costs and maintain privacy and living trusts have become very popular.American Bar Association. Ch.5 Living Trusts.
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The A-stocks of Trustor were owned by Per-Olov Norberg. They constituted 17% of the share capital but ranked as 52% of the voting rights. Norberg also happened to be in a need to sell. Norberg wanted to buy these companies at book value.
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269 (1986). When the debt is fully paid, the beneficiary is required by law to promptly direct the trustee to transfer legal title to the property back to the trustor by reconveyance, thereby releasing the security for the debt.Bartold v. Glendale Federal Bank, 81 Cal. App.
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Trustor may be a social agent (such as a person or an institution) or a technical agent (such as a computer or a software application), acting on behalf of a social agent.Cofta, P. (2007) Trust, Complexity and Control: Confidence in a Convergent World. John Wiley and Sons.
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Texas Property Code § 112.035(d). Further, laws in some states (like Texas) are worded so broadly that anyone transferring property to the trust might be deemed to be a "creator" (i.e., settlor, grantor, or trustor), not merely the person or persons who originally set up the trust.
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The following day the money was transferred back to Lord Moyne who then repaid the loan. On 31 October an article about Trustor, written by Gunnar Lindstedt, was published in Svenska Dagbladet. In the article Lindstedt wrote about Lord Moyne, Mattson and Smallbone following a meeting with them in London.
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Cornell Law School. Web. 6 Oct. 2017. . The creator of a trust is often called the "trustor", "grantor", or "settlor" of the trust. A trust generally will not be treated as a spendthrift trust unless the trust agreement contains language showing that the creator intended the trust to qualify as spendthrift.
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Given the fact that temporary work teams are frequently utilized in an organization, it is necessary to understand how trust is being formed within these teams. Generally, trust is assumed to build over time, with a trustor updating beliefs about the trust-related attributes of the trustee.Bhattacharya, A. (1998). Formal Model of Trust Based on Outcomes.
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Sociology acknowledges that the contingency of the future creates dependency between social actors, and specifically that the trustor becomes dependent on the trustee. Trust is seen as one of the possible methods to resolve such a dependency, being an attractive alternative to control.Mollering, G.. "The Trust/Control Duality: An Integrative Perspective on Positive Expectations of Others". In: Int.
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Joachim Ralph Posener, (born 17 January 1964 in Lidingö) is a Swedish financier and author. Posener is a lawyer by educated who was active in the Swedish finance trade from the late 1980s to the end of the 1990s. He became publicly known in November 1997 after having been accused by the media as being the mastermind behind Lord Moynes acquisition of the Swedish publicly traded company Trustor AB. The company acquisition, which later become known as the Trustor affair eventually ended with one of Lord Moynes "Team" members, Thomas Jisander, being sent to a prison term. When Swedish police acted against Lord Moyne and his "team" in October 1997 Posener happened to be abroad, and he chose then according to his own statements to not return to Sweden.
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Mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e. mortgagee and mortgagor in mortgage states; Trustee and Trustor in Trust Deed states). In general, any loan can be modified, and the process is referred to as loan modification or debt rescheduling.
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Such a probability is subjective as it is specific to the given trustor, their assessment of the situation, information available to him etc. In the same situation other trustors may have a different level of a subjective probability. Subjective probability creates a valuable link between formalisation and empirical experimentation. Formally, subjective probability can benefit from available tools of probability and statistics.
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At the meeting accounts were set for Trustor as well as for Lord Moyne and Jisander and in the following days a total of 730 million SEK was transferred from Trustors account in Swedish SEB to Trustor's new account in England. 600 million SEK of the money in Trustors account was later transferred to Jisanders account in the same bank of which 585 million was then sent directly to Lord Moyne. On 25 June the 241 million which had been agreed upon was paid to Per-Olof Norberg. 30 June was the last day for the financial statement and mostly because of the payment to Norberg, Trustor now lacked almost 300 million SEK. Lord Moyne took a loan of 293 million SEK from Van Lanschot Bankiers, based in Luxemburg, and the money was then transferred to Trustors account in the same bank.
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Internationellt Efterlyst – Mitt Liv Efter Trustor, Joachim Posener, 2004, And also for appearing in a Swedish TV-interview with the show 45 Minuter hosted by Renée Nyberg and broadcast on TV3 to talk about his case. Shortly after the meeting in Brussels Bernt Berger wrote off all remaining suspicions against Posener and therefore, since 2009, there exist no remaining suspicions of wrongdoing by Joachim Posener.
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As a result, Henry Conybeare and Isaac Seligman became the legal owners and trustees of the estate. This construction enabled Charles Conybeare to confer financial benefits to Florence Conybeare, so that when parts of the estate were sold, she would be entitled to a share of the proceeds. The Deed of Trust that was drawn up to make this possible, recognised four interested parties: 1\. Charles A.V. Conybeare (husband and trustor). 2\.
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In real estate in the United States, a deed of trust or trust deed is a legal instrument which is used to create a security interest in real property wherein legal title in real property is transferred to a trustee, which holds it as security for a loan (debt) between a borrower and lender. The equitable title remains with the borrower. The borrower is referred to as the trustor, while the lender is referred to as the beneficiary.
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Deterrence-based trust occurs when an individual fears punishment; as a result, an individual holds true to his or her responsibilities. In knowledge- based trust, some knowledge is known of the trustee and this allows the trustor to understand and predict the trustee's actions. Identification-based trust allows for one member to act as an agent for another member because they identify with each other based on their common goals and shared values.Shapiro, D. L., Sheppard, B. H., Charaskin, L. (1992).
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Trust can be seen as a bet on one of contingent futures, the one that may deliver benefits. Once the bet is decided (i.e. trust is granted), the trustor suspends his or her disbelief, and the possibility of a negative course of action is not considered at all. Because of it, trust acts as a reductor of social complexity, allowing for actions that are otherwise too complex to be considered (or even impossible to consider at all); specifically for cooperation.
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The Trustor affair involved the takeover in the summer of 1997 of a Swedish investment company listed on the Stockholm Stock Exchange. It was initially believed that following the takeover 600 million SEK had disappeared from the company's accounts.Trustor ABs annual report 1997 Later, when all assets had been accounted for and the company had been liquidated, the shareholders had almost doubled the value of their shares as an indirect result of the takeover. It is one of the largest financial cases in Swedish history.
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A new deal was reached a few days later where Norberg was compensated for not being able to buy Kanthal. Trustor now had the funds needed in order to complete the plan. On 13 June an extra shareholders' meeting was held, where Lord Moyne was appointed president and Lindsay Smallbone CEO. Team Moyne now only had a few days to sort out the payment to Norberg, so on 18 June Moyne, Smallbone, Jisander and Mattsson met with two bank officers at Barclays Bank in London.
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Lord Moyne was approached by his old friend Peter Mattsson to be part of the Trustor purchase and to be the new Chairman after the takeover. Mattsson and Lord Moyne had already a company together, Mattsson Guinness Securities Ltd, and they had both been connected to the infamous financial “Effex scandal” in Norway in 1993-94. During the spring of 1997 negotiations took place, resulting in a deal on 20 May where Lord Moyne would buy the company from Norberg for 241 million SEK. The contract contained two important clauses.
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In law a settlor is a person who settles property on trust law for the benefit of beneficiaries. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. Where the trust is a testamentary trust, the settlor is usually referred to as the testator. The settlor may also be the trustee of the trust (where he declares that he holds his own property on trusts) or a third party may be the trustee (where he transfers the property to the trustee on trusts).
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The Trustee Deed works like the safety equipment that holding the title to the property for the lienholder benefit until the debts have been fully secured by the deed. Therefore, the parties to a trust deed are; a trustor, trustee, and beneficiary. The trustee sale is done by the trustee who is named in the trust deed or the appointed one by the trust deed beneficiary at the time the process of foreclosure is initiated by the beneficiary. An attorney, broker, trust deed services, lender subsidiary or the lender may be appointed to act as the trustee (USA Today 2019).
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Users are often the targets as well as the source of information in social networking. Users leave digital imprints during browsing of social networking sites or services. It has been identified from few of the online studies, that users trust websites and social networking sites. As per trust referred, "trust is defined in (Mayer, Davis, and Schoorman, 1995) as "the willingness of a party to be vulnerable to the actions of another party based on the expectation that the other will perform a particular action important to the trustor, irrespective of the ability to monitor or control that other party" (p. 712)".
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He said there was only a limited power to pierce the corporate veil, namely when people were under an existing legal obligation which is deliberately evaded. Fraud cuts through everything. A veil could be pierced only for the purpose of depriving the company or its controller of the advantage they would otherwise obtain from the company’s separate legal personality. There had been no evidence that Mr Prest had set up the companies to avoid any obligations in these divorce proceedings, so there was no ground for piercing the corporate veil.As in Gilford, Jones, Gencor, Trustor considered The same was true under the MCA 1973 s 24.
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This became very well publicized in Swedish media and also led to Posener being hand down an international arrest warrant. According to his own statements he was at first for some time in Spain, and later he is supposed to have lived in Argentina. In spite of the International Arrest Warrant Posener was never found by the police and the crimes the police had suspected him of were no longer actionable against Mr Posener due to the Swedish law on statute of limitations. No one of Lord Moynes "team" could be accused in any court of law with regard to the Trustor Affair after the 20 June 2007.
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A pet trust is a legal arrangement to provide care for a pet after its owner dies. A pet trust falls under trust law and is one option for pet owners who want to provide for their pets after they pass away. Alternatives include honorary bequests made through a will and contractual arrangements with the caregiver. Pet trusts stipulate that in the event of a grantor’s disability or death a trustee will hold property (cash, for example) “in trust” for the benefit of the grantor’s pets. The “grantor” (also called a settlor or trustor in some states) is the person who creates the trust, which may take effect during a person’s lifetime or at death.
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The terms "business trust", "Massachusetts trust", and "unincorporated business organization" are not used in the Internal Revenue Code. (The terms "business trust" and "Massachusetts trust" are used in other Federal laws to clarify that they are to be treated as corporations under those laws.) The regulations require that trusts operating a trade or business be treated as a corporation, partnership, or sole proprietorship, if the grantor (also known as a "settlor" or "trustor"), beneficiary, or fiduciary (also known as a "trustee") materially participates in the operations or daily management of the business. If the grantor maintains control of the trust, then grantor trust rules will apply. Otherwise, the trust would be treated as a simple or complex trust, depending on the trust instrument.
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A trust is a three-party fiduciary relationship in which the first party, the trustor or settlor, transfers ("settles") a property (often but not necessarily a sum of money) upon the second party (the trustee) for the benefit of the third party, the beneficiary. A testamentary trust is created by a will and arises after the death of the settlor. An inter vivos trust is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; in the United States, a trust is presumed to be irrevocable unless the instrument or will creating it states it is revocable, except in California, Oklahoma and Texas, in which trusts are presumed to be revocable until the instrument or will creating them states they are irrevocable.
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A blind trust is a trust in which the trust beneficiaries have no knowledge of the holdings of the trust, and no right to intervene in their handling. In a blind trust, the trustees (fiduciaries, or those who have been given power of attorney) have full discretion over the assets. Blind trusts are generally used when a trust creator (sometimes called a settlor, trustor, grantor, or donor) wishes for the beneficiary to be unaware of the specific assets in the trust, such as to avoid conflict of interest between the beneficiary and the investments. Politicians, or others in sensitive positions (such as journalists and religious leaders) often place their personal assets (including investment income) into blind trusts, to avoid public scrutiny and accusations of conflicts of interest when they direct government funds to the private sector.
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A Delaware statutory trust (DST) is a legally recognized trust that is set up for the purpose of business, but not necessarily in the U.S. state of Delaware. It may also be referred to as an Unincorporated Business Trust or UBO. Delaware statutory trusts are formed as private governing agreements under which either (1) property (real, tangible and intangible) is held, managed, administered, invested and/or operated; or (2) business or professional activities for profit are carried on by one or more trustees for the benefit of the trustor entitled to a beneficial interest in the trust property. DST Investments are offered as replacement property for accredited investors seeking to defer their capital gains taxes through the use of a 1031 tax deferred exchange and as straight cash investments for those wishing to diversify their real estate holdings.
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Likewise, in Bank of Tokyo v Karoon,[1987] (PC) Lord Goff, who had concurred in the result in DHN, held that the legal conception of the corporate structure was entirely distinct from the economic realities. The "single economic unit" theory was likewise rejected by the CA in Adams v Cape Industries,[1990] where Slade LJ held that cases where the rule in Salomon had been circumvented were merely instances where they didn't know what to do. The view expressed at first instance by HHJ Southwell QC in Creasey v Breachwood[1992] that English law "definitely" recognised the principle that the corporate veil could be lifted was described as a heresy by Hobhouse LJ in Ord v Bellhaven,[1998] and these doubts were shared by Moritt V-C in Trustor v Smallbone (No 2):[2001] the corporate veil cannot be lifted merely because justice requires it. Despite the rejection of the "justice of the case" test, it is observed from judicial reasoning in veil piercing cases that the courts employ "equitable discretion" guided by general principles such as mala fides to test whether the corporate structure has been used as a mere device.
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