Belonging to another Definition

GLOSSARY

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What does Belonging to another mean?

The theft Act 1968 (TA 1968), s 5, and the criminal damage Act 1971, s 10, provide that property shall be regarded as belonging to any person having possession or control of it, or having in it any proprietary right or interest.

Where property is held on trust, the persons to whom it belongs include those with a right to enforce the trust, and the property of a corporation sole continues to belong to it notwithstanding a vacancy in the corporation. TA 1968 makes further provision about property received from or on account of another or by another's mistake.

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Managing investments

This Practice Note covers the regulated activity of managing investments.DefinitionManaging investments is a regulated activity under article 37 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO).Managing investments consists of:•managing assets involving the exercise of discretion;◦in relation to assets beneficially belonging to another,◦in circumstances where the assets consist of or include any investment which is a ’security’ or a ’contractually-based investment’ (for further information as to what constitutes a ’security’ or a ’contractually-based investment’ please see below).The exercise of discretionThe regulated activity of managing investments only applies where discretion is exercised by the investment manager. Where there is portfolio management without discretion (eg where the manager buys shares on the instructions of the client, or receives and transmits orders on the instructions of the client), the activity is likely to be another regulated such as ‘dealing in investments, either as principal or agent' (RAO SI 2001/544, arts 14 and 21) or ‘arranging deals in investments’ (RAO SI 2001/544, art 25). See Practice Notes: Dealing...

Trust disputes—breach of trust

Trust disputes—breach of trust It is a fact of life that beneficiaries and trustees fall out. Often this is due to misunderstandings but occasionally beneficiaries may consider proceedings either to restore a trust fund or obtain compensation on the basis that the trustees have exceeded their authority or failed to exercise their duty of care. Before taking those proceedings, those instructed to take action should consider a number of points, namely whether: • the act complained of is a breach of trust (or breach of fiduciary duty) • there is a quantifiable loss and a readily identifiable link from the breach to the loss • there is a commercial prospect of recovery from the trustee(s) • the claim is outside the limitation period • there is an exclusion clause that enables the trustee to escape liability • is the trustee likely to be granted relief • is the beneficiary guilty of acquiescence If the first four can be answered positively and the latter three negatively, there may...

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What are the key differences between a claim under section 17 of the Married Women's Property Act 1882 and section 14 of the Trusts of Land and Appointment of Trustees Act 1996, other than the nature of relationship between the parties?

What are the key differences between a claim under section 17 of the Married Women's Property Act 1882 and section 14 of the Trusts of Land and Appointment of Trustees Act 1996, other than the nature of relationship between the parties? Despite the persisting belief, there is no legal concept of a ‘common law’ husband or wife. Therefore, unmarried parties who may occupy a property for decades with their partner may find, at the end of the relationship, that they have no interest in that property. Unlike the provisions of the Matrimonial Causes Act 1973 (MCA 1973), the courts have no power to award one party to a (unmarried) relationship a share in property or assets belonging to another. Parties can therefore find themselves without a share. In such circumstances, there are limited statutory provisions to fall back upon. Where there are children, there is potential for a claim under schedule 1 to the Children Act 1989. Otherwise, the most common claim will be under the Trusts of Land...

Does the existence of a statutory obligation to maintain something (ie cables in an underground tunnel) which can only be accessed from land belonging to another, create an implied right over the land needed to access it?

Does the existence of a statutory obligation to maintain something (ie cables in an underground tunnel) which can only be accessed from land belonging to another, create an implied right over the land needed to access it? The section 10 of the Electricity Act 1989 (EA 1989) provides two methods for an electricity supply undertaking to obtain rights enabling it to construct or, if already in existence, keep power lines on, under or over any land. The first is by compulsory acquisition of the necessary land under EA 1989, Sch 3. The second is by acquisition of wayleaves, pursuant to EA 1989, Sch 4. EA 1989, Sch 4, para 6 provides: ‘(1) This paragraph applies where— (a) for any purpose connected with the carrying on of the activities which he is authorised by his licence to carry on, it is necessary or expedient for a licence holder to install and keep installed an electric line on, under or over any land… …and in this paragraph as...

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US Supreme Court closes section 1782 discovery avenue to foreign arbitration traffic (ZF Automotive v Luxshare)

Arbitration analysis: The US Supreme Court held that 28 U.S.C. §1782 (section 1782) discovery is not available to foreign arbitration proceedings, whether private commercial or investment treaty arbitration. This is a seminal decision for the global arbitration community; it resolves a long-standing circuit split and removes the greater discovery powers seemingly allowed to foreign arbitrations under section 1782 than to domestic ones under the Federal Arbitration Act 1925 (FAA 1925). Clients are advised to discontinue any pending s 1782 applications in support of arbitration proceedings. Written by Rumen Cholakov, barrister at 3 Verulam Buildings Chambers.

Exception to privilege for material showing husband's bid to defeat wife's claim (Akhmedova v Akhmedov)

Family analysis: Chris Bryden, barrister at 4 King's Bench Walk (Chambers of Timothy Raggatt QC), examines a High Court decision that a wife seeking to enforce a financial order made in her favour could retain and use documents given to her which, although prima facie privileged to her husband, disclosed measures taken by him to defeat enforcement of the order and therefore fell within the recognised exception to privilege where the documents pursued a fraudulent purpose.

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