MEE Flashcards
(15 cards)
What is the special priority rule for a PMSI in goods other than inventory or livestock?
A PMSI in goods other than inventory or livestock prevails over all other security interests in collateral, even those perfected, so long as it was perfected when the debtor receives possession of the collateral or within 20 days.
What happens to a security interest when it transfers to a person who is not a buyer?
They take subject to the interest unless the secured party has authorized the transfer free of the interest.
Is a stock distribution income or principal under modern UPAIA?
A stock distribution is a principal
How is principal and income defined under the traditional approach?
The traditional approach assumed that any money generated by trust property was income and that any money generated in connection with a conveyance of trust property was principal
What is the effect of a beneficiary disclaiming their interest?
When the holder of a future interest effectively disclaims that interest, the disclaimant is deemed to have predeceased the life tenant.
What must a trustee provide under a support trust?
If a trustee is to make payments to the beneficiaries of the trust as is necessary for their support, then a support trust exists. In this context, necessary” is not limited to bare essentials, but rather includes maintaining the standard of living to which the beneficiary is accustomed, as well as support for the beneficiary’s spouse and children.
CL: When a member of a class holding a future interest dies before the owner of the preceding life estate, where does the future interest of that class member go upon the life estate holders death?
Unless the governing instrument provides otherwise, the common law general rule is that the gift is expressly limited to the transferor’s surviving children, so that the surviving issue of a deceased child does not take. TLDR it does NOT pass to class members heirs (they get no vote to terminate or modify)
UPC: When a member of a class holding a future interest dies before the owner of the preceding life estate, where does the future interest of that class member go upon the life estate holders death?
under the UPC, if a class gift is limited in favor of a class of children, only those children alive at the time of distribution are entitled to possession of the property. If a child who survives the settlor but then predeceases the time of distribution has surviving issue, that issue would have a right to the parent’s share of the gift. TLDR it does pass to class members heirs (they get to vote to terminate or modify)
Holographic will v. handwritten will v. unwitnessed will
A holographic will is a handwritten will that need not be witnessed. Not all handwritten wills are holographic. If a handwritten will is also signed and witnessed, it is a valid normal will.
Can the validity of a will be conditioned on a certain event?
Yes, the court will consider whether the event is referred to expressly as a condition or only a statement of the motive for executing the will. Court favors not reading in a condition.
Issue v claim for preclusion
Issue: factual conflict, can have different claims
Claim: legal grounds for relief
Complete Diversity
Diversity jurisdiction requires complete diversity between opposing parties in a case. Two plaintiffs in a case may be from the same state without destroying diversity, as long as no plaintiff is from the same state as any defendant in the case.
Hearsay statements can be in what forms?
Verbal statements or writings or records
Burglary - Breaking and entering definitions
“Breaking” is generally accomplished by using force to create an opening into a dwelling, but slight force, such as pushing open a window that was ajar, satisfies this element.
“Entering” occurs when any portion of the defendant’s body crosses into the dwelling without permission through the opening created by the breaking.
Continuing trespass rule
D may develop intent for larceny after initial taking if that initial taking was without consent -
If the original taking was without consent, yet was not unlawful because there was no intent to steal at the time of the taking, then larceny may be committed at a later time if the intent to steal is later formed. Under the “continuing trespass” rule, the original trespass is deemed to be “continuing” in order for the criminal act to coincide with the criminal intent. The defendant’s original taking must have been wrongful (e.g., a taking based on knowledge that the property belonged to another, such as a taking with the intent to borrow and return the property).
