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[Category]
신탁법과 부동산소송
  • 민사소송
  • 민사소송 절차안내(나홀로 소송)
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  • U.S.A. California Real Estate Transaction LAW (미국 캘리포니아 부동산거래실무)
  • U.S.A. California Civil Procedure Code (미국 캘리포니아 민사소송법)
  • U.S.A. Illinois Civil Procedure ACT (미국 일리노이주 민사소송법)
  • U.S.A. Trust Law and Principles 미국신탁법 해설
  • U.S.A. Federal Rules of Civil Procedure (FRCP. 미국 연방법원 민사소송규정)
  • U.S.A. Uniform Prudent Investor Act (UPIA. 미국 표준 성실투자자법)
  • U.S.A. Uniform Trust Code (미국 표준 신탁법 모델안)
  • U.S.A. Uniform Principal and Income Act (UPAIA. 미국 표준 원본 및 수익 배분법 모델안)
  • U.S.A. California Trust Code (미국 캘리포니아 신탁법)
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[Category]
신탁법과 부동산소송


[Title]
캘리포니아 신탁법 투자
Start →

C.         INVESTMENTS

The majority of states have enacted
        a) a version of the UPIA,
                i) which regulates the investment responsibilities of the trustee.

A few states continue to use
        a) a statutory "legal list" approach,
                i) which establishes approved types of investments for a trust.

1.         Uniform Act or Legal List Are Default Rules

No matter which approach to investments a state uses,

1) the trust terms can
        a) expand or
        b) limit
                i) a trustee's powers,
                ii) including investment powers.

Thus, the UPIA or legal list provisions apply

1) only if there is no contrary provision
        a) in the trust instrument.

a.         Grant of Discretionary Powers

If the trust instrument provides for
        a) investments to be made
                i) "in the discretion of the trustee,"

1) it is a question of interpretation
        a) whether the trustee's investment power is enlarged
                i) beyond the powers
                        (a) prescribed by
                                (i) the UPIA or
                                (ii) legal list.

1)         UPIA Jurisdiction

In a UPIA jurisdiction,

the trustee's authority
        a) to make investments
                i) "in her discretion"

1) usually permits
        a) only those investments
                i) that satisfy the prudent investor standard.

2)         Legal List Jurisdiction

In a "legal list" jurisdiction,

such language is likely to
        a) free the trustee
                i) from the list and
        b) probably permits investment
                i) in a manner similar to that under the UPIA.

3)         Language Strictly Construed

There is a tendency
        a) to strictly construe language
                i) that purports to enlarge the trustee's investment powers.

2.         Uniform Prudent Investor Act


a.         Standard of Care

Under the UPIA,

a trustee must
        a) invest and
        b) manage
                i) trust assets
                        (a) as a prudent investor would,
                        (b) taking into account
                                (i) the purposes,
                                (ii) terms,
                                (iii) distribution requirements, and
                                (iv) other circumstances of the trust.

To satisfy this objective standard of prudence,

1) the trustee must exercise
        a) reasonable
                i) care,
                ii) skill, and
                iii) caution. [UPIA §2(a)]  


1)         Fiduciaries with Special Skills Held to Higher Standard

A trustee
        a) with special skills or expertise, or
        b) who has represented herself
                i) as having such knowledge,

1) has a duty
        a) to use those skills or expertise. [UPIA §2(f)]

2)         Loyalty and Impartiality

A trustee must act
        a) exclusively
        b) for the beneficiary
                i) when
                        (a) investing and
                        (b) managing
                                (i) trust assets, or

2) she is acting imprudently. [UPIA §5]

If there is more than one beneficiary,

1) she must act
        a) impartially
                i) in investing and managing the trust assets,
        b) taking into account the beneficiaries' differing interests. [UPIA §6]

b.         Prudence Evaluated as to Overall Investment Strategy


The UPIA is based
        a) on the modern portfolio theory of investing.

Thus, each investment decision must be evaluated,
        a) not in isolation,
        b) but in the context of
                i) the entire trust portfolio (corpus) and
        c) as part of an overall investment strategy
                i) that has risk and return objectives
                        (a) reasonably suited to the particular trust. [UPIA §2(b)]

Under this approach,

an investment
        a) that might be imprudent
                i) standing alone
                ii) because it is too risky

1) can become prudent
2) if undertaken
        a) in relation to
                i) other,
                ii) more conservative
                        (a) trust investments.

1)         Investment Performance Measured by "Overall Return“

Under the UPIA,

investment returns are measured by
        a) the "overall return" concept rather than
        b) the production of ordinary income.

Historically,

trustees invested
        a) with the goal of generating income for the trust (e.g., dividends, interest, rental income).

In today's investment world,

assets
        a) that generate a steady income stream
        b) (e.g., corporate bonds)

1) may decline
        a) in real value
        b) due to inflation.

In contrast,

many investments
        a) (e.g.,
                        i) publicly traded common stock,
                        ii) stock in a closely held corporation)

1) generate little or no dividend income,
2) yet produce substantial profits
        a) in the form of
                        i) capital gains.

A prudent investor seeks
        a) overall return,
        b) not merely income.

The prudent investor rule recognizes that

        a) the most effective way
                        i) to provide for
                                (a) current income beneficiaries, as well as
                                (b) the trust remaindermen,

           may be
                        i) to generate gains
                                (a) through capital appreciation. (not in the form of present income)

2)         Risk/Return Curve

Modern investment practices reflect sensitivity
        a) to the so-called risk/return curve.

1) Returns correlate strongly with risk, but
2) tolerance for risk varies greatly with
        a) the purposes of the trust and
        b) the relevant circumstances
                i) of the beneficiaries.

For example,

a trust
        a) whose main purpose is
                i) to provide support for an elderly retiree of modest means

1) will have a lower risk tolerance than
        a) a generation-skipping trust
                i) designed to build wealth
                        (a) for the settlor's grandchildren.

The UPIA requires the trustee
        a) to tailor an investment strategy
                i) that incorporates risk and return objectives
                        (a) suited to the particular trust. [UPIA §2(b)]

3)         Any Type of Investment Permitted

The UPIA permits a trustee
        a) to invest in
                i) any kind of property or
                ii) any type of investment
                        (a) "consistent with the standards of this Act";

therefore, no particular type of investment is inherently imprudent. [UPIA §2(e)]

The overriding concern is
        a) the risk/return objective of the investment, rather than
        b) the classification of investments
                i) as prudent or
                ii) imprudent.

Depending on
        a) the objectives of the trust and
        b) the circumstances
                i) of the beneficiaries,

1) it may be prudent
        a) for a trustee to invest
                i) in recently developed investment vehicles
                        (a) such as
                                (i) derivatives,
                                (ii) asset-based securities,
                                (iii) options, and
                                (iv) commodity futures contracts.


COMMODITY FUTURES CONTRACT
An agreement to buy or sell a set amount of a commodity at a predetermined price and date. Buyers use these to avoid the risks associated with the price fluctuations of the product or raw material, while sellers try to lock in a price for their products. Like in all financial markets, others use such contracts to gamble on price movements.


4)         Factors Considered in Making Investment Decisions



The following circumstances
        a) are relevant and
        b) must be considered by the trustee
                i) in making investment decisions:

(i) General economic conditions;

(ii) The possible effect of
        a) inflation or
        b) deflation;

(iii) The expected tax consequences
        a) of investment decisions or strategies;

(iv) The role
        a) that each investment plays
                i) within the overall trust portfolio;

(v) The expected total return
        a) from
                i) income and
                ii) the appreciation of capital;

(vi) Other resources
        a) of the beneficiaries;
(vii) Needs for
        a) liquidity, regularity
                i) of income, and
        b) preservation or appreciation
                i) of capital; and

(viii) An asset's
        a) special relationship or
        b) value
                i) to the purposes of the trust or
                ii) to one or more of the beneficiaries.



[UPIA §2(c)]



a)         Retention and Disposition of Assets

Within a reasonable time
        a) after
                i) accepting the trusteeship or
                ii) receiving trust assets,

1) the trustee must
        a) review the trust assets and
        b) make and implement decisions
                i) concerning
                        (a) their retention and
                        (b) disposition,
        c) taking into account the factors listed above. [UPIA §4]

b)         Duty to Investigate

A trustee is also required
        a) to make a reasonable effort
                i) to verify information
                        (a) likely to affect
                                (i) the investment and
                                (ii) management
                                        (A) of the trust's assets (e.g., review audit reports).

[UPIA §2(d)]

5)         Diversification of Investments

A trustee must diversify the investments of the trust
1) unless the trustee reasonably determines that,
        a) because of special circumstances,
        b) the purposes of the trust are better served
                i) without diversification. [UPIA §3]

6)         Reviewing Compliance with Act

Compliance with the UPIA is determined
        a) in light of
                i) the facts and
                ii) circumstances
                        (a) existing
                                (i) at the time of the trustee's decision or action and
        b) not by hindsight. [UPIA §8]

A trustee
        a) who acts
                i) in substantial compliance with the Act

1) is not liable
        a) to the beneficiaries

2) even if the trust estate
        a) declines in value or
        b) produces less income
                i) than anticipated.



c.        Delegation of Investment and Management Functions Permitted

A trustee may delegate
        a) investment and
        b) management
                i) functions that
                        (a) a prudent trustee
                                (i) of comparable skills

                           could properly delegate
                                (i) under the circumstances.

This provision recognizes
        a) that the trustee (especially an individual trustee) may have
                i) limited investment expertise, and
        b) that even an experienced investor may have
                i) limited expertise
                        (a) in sophisticated investment vehicles.

The trustee must exercise
        a) reasonable
                i) care,
                ii) skill, and
                iii) caution

        b) in:


                (i) Selecting an agent;

                (ii) Establishing
                        (a) the scope and terms of the delegation,
                                (i) consistent with the purposes of the trust; and

                (iii) Periodically reviewing the agent's actions
                        (a) to monitor the agent's
                                (i) performance and
                                (ii) compliance with
                                        (A) the terms of the delegation.

[UPIA §9(a)]

1)         Agent's Duty

The agent has the duty
        a) to exercise reasonable care
                i) in complying with the terms of the delegation. [UPIA §9(b)]

2)         Trustee's Liability

If the trustee exercises reasonable care, skill, and caution
        a) in
                i) selecting,
                ii) delegating, and
                iii) reviewing
                        (a) the agent's actions,

1) she is not liable for
        a) the decisions or
        b) actions
                i) of the agent
                        (a) to whom the function was delegated. [UPIA §9(c)]

3.         Statutory Legal Lists

A state's statutory legal list sets forth approved investments for trust assets.

The list usually includes
        a) government bonds,
        b) first mortgages, and
        c) other conservative investments.

a.         Permissive vs. Mandatory Lists

If the list is deemed
        a) to be "permissive,“

1) the trustee can invest
        a) in securities
                i) outside the list but
2) incurs a heavier burden of
        a) proving the propriety of each investment
        b) when she does so.

If the list is "mandatory,"

1) the trustee probably commits a breach of trust
2) anytime she invests
        a) in properties
                i) outside the list,
3) although the cases are not altogether consistent in this regard.

b.         List May Not Be Followed Blindly

Under either type of
        a) statutory list,

1) the trustee cannot
        a) blindly
        b) follow the list.

The fact that
        a) a type of investment is permissible

1) does not necessarily mean that
        a) the investment is proper.

In selecting
        a) among permissible investments,

1) the trustee must exercise
        a) reasonable care, skill, and caution.

All circumstances must be taken into account,
        a) including such things as
                i) preserving purchasing power
                        (a) in the face of possible inflation,
                ii) minimizing risks to capital, and
        iii) the need
                (a) to obtain a fair return on the investment.

The propriety
        a) of particular investments

1) is discussed below.

1)         Unsecured Loans and Second Mortgages

Except for bank deposits
        a) bearing interest,

an unsecured loan
        a) of trust funds

1) is normally an improper investment.

Most states regard
        a) an investment
                i) in a second mortgage
        b) as a breach of trust
                i) in the absence of extreme or compelling circumstances.

2)         Corporate Stocks

Most statutory lists exclude
        a) common and
        b) preferred
                i) stocks.

3)         Land

The courts are divided on
        a) whether investment in land is permissible.

Acquisition of
        a) land or
        b) other property
                i) for the purpose of resale at a profit

1) is
        a) speculation and
        b) therefore a breach of trust.

Example:   Trustee buys 1,000 acres of unimproved desert land.

        This is an improper investment. Not only is it speculative, but it produces no income and the trustee has the duty of making the trust property productive.

        Otherwise, the life tenant would lose his income by investments in unproductive property.

4)         Mortgage Participations

Mortgage participations,
        a) under which large sums are
                i) advanced
                        (a) by several trusts
                                (i) administered by the same trustee
                ii) as loans
                        (a) to property owners
                        (b) in exchange for mortgages,

1) are increasingly upheld
        a) as proper investments

2) mainly because they permit a greater diversification
        a) than would be possible
                i) if a single trust fund had to make the loan by itself.

5)         Investment in Mutual Funds

Historically,

a trustee could not invest in
        a) mutual funds

1) because doing so was regarded
        a) as an improper delegation
                i) of the investment duty.

However,

1) a mutual fund is a permissible investment
        a) under the UPIA, and

2) statutes in several states
        a) expressly
        b) authorize investment
                i) in mutual funds
3) because this produces diversification of investments
        a) in smaller trust estates.

6)         Testator's Business

Where
        a) a testator is engaged in business
                i) at the time of his death and
        b) leaves all of his property
                i) to his executor in trust,

1) the executor cannot properly continue the business
2) unless authorized by the testator.

She must
        a) dispose of the business and
        b) make proper trust investments, and

1) if she fails to do so
        a) within a reasonable time,

1) she is liable for any losses that result.

D.         SUM
← End



[Title]
캘리포니아 신탁법 투자



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[Category]


  • 민사소송
  • 민사소송 절차안내(나홀로 소송)
  • 법률행위,의사표시,의사통지,사실의통지
  • 계약서 작성 양식
  • 금융(은행,보험,증권,신탁)거래와 분쟁
  • 재심사유, 민사,행정
  • 공인중개사,부동산중개수수료 분쟁
  • 부동산소송
  • 민사집행과 이의신청,이의의소
  • 농업법인,농지취득
  • 아파트,집합건물,하자보수,관리단
  • 토지수용,보상청구소송
  • 신탁법과 부동산소송
  • 건축공사, 건축허가 관련소송
  • 부동산 경매,배당,분쟁
  • 공사대금청구소송
  • 재건축분쟁,토지분쟁,재개발
  • 국가배상청구소송
  • 공시지가,개별공시지가,주택가격,상가가격
  • 적대적 기업소송 M & A
  • 개인파산,회생
  • 법인파산,회생 신청대리
  • U.S.A. California Real Estate Transaction LAW (미국 캘리포니아 부동산거래실무)
  • U.S.A. California Civil Procedure Code (미국 캘리포니아 민사소송법)
  • U.S.A. Illinois Civil Procedure ACT (미국 일리노이주 민사소송법)
  • U.S.A. Trust Law and Principles 미국신탁법 해설
  • U.S.A. Federal Rules of Civil Procedure (FRCP. 미국 연방법원 민사소송규정)
  • U.S.A. Uniform Prudent Investor Act (UPIA. 미국 표준 성실투자자법)
  • U.S.A. Uniform Trust Code (미국 표준 신탁법 모델안)
  • U.S.A. Uniform Principal and Income Act (UPAIA. 미국 표준 원본 및 수익 배분법 모델안)
  • U.S.A. California Trust Code (미국 캘리포니아 신탁법)
  • U.S.A. California Civil Code (미국 캘리포니아 민법)
  • 회사법,상법,기업구조조정
  • 주택 임대차 관계
  • 상가 임대차 관계
  • 계약서 작성, 계약위반, 계약파기, 파기, 위약금, 손해배상
  • 공시지가, 표준지, 과세시가표준액

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