Month: December 2020

(a)In general
For purposes of this title, the term “real estate investment trust” means a corporation, trust, or association—
(1)which is managed by one or more trustees or directors;
(2)the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest;
(3)which (but for the provisions of this part) would be taxable as a domestic corporation;
(4)which is neither (A) a financial institution referred to in section 582(c)(2), nor (B) an insurance company to which subchapter L applies;
(5)the beneficial ownership of which is held by 100 or more persons;
(6)subject to the provisions of subsection (k), which is not closely held (as determined under subsection (h)); and
(7)which meets the requirements of subsection (c).

https://www.law.cornell.edu/uscode/text/26/856

Tax Evasion = Illegal

Quantum meruit is a Latin phrase meaning “what one has earned”. In the context of contract law, it means something along the lines of “reasonable value of services”. In the United States, the elements of quantum meruit are determined by state common law.

https://en.wikipedia.org/wiki/Quantum_meruit

A martingale is any of a class of betting strategies that originated from and were popular in 18th-century France. The simplest of these strategies was designed for a game in which the gambler wins the stake if a coin comes up heads and loses it if the coin comes up tails. The strategy had the gambler double the bet after every loss, so that the first win would recover all previous losses plus win a profit equal to the original stake. The martingale strategy has been applied to roulette as well, as the probability of hitting either red or black is close to 50%.

Since a gambler with infinite wealth will, almost surely, eventually flip heads, the martingale betting strategy was seen as a sure thing by those who advocated it. None of the gamblers possessed infinite wealth, and the exponential growth of the bets would eventually bankrupt “unlucky” gamblers who chose to use the martingale. The gambler usually wins a small net reward, thus appearing to have a sound strategy. However, the gambler’s expected value does indeed remain zero (or less than zero) because the small probability that the gambler will suffer a catastrophic loss exactly balances with the expected gain. In a casino, the expected value is negative, due to the house’s edge. The likelihood of catastrophic loss may not even be very small. The bet size rises exponentially. This, combined with the fact that strings of consecutive losses actually occur more often than common intuition suggests, can bankrupt a gambler quickly.

https://en.wikipedia.org/wiki/Martingale_(betting_system)

• adj.Of or relating to a duty of acting in good faith with regard to the interests of another.
• adj.Of or being a trustee or trusteeship.

fiduciary = required to give full disclosure

• n.An association of people or firms formed to promote a common interest or carry out a business enterprise.
• n.A loose affiliation of gangsters in control of organized criminal activities.
• n.An agency that sells articles, features, or photographs for publication in a number of newspapers or periodicals simultaneously.

…various other respects they had been guilty of mismanagement of the trust and praying for their removal as such trustees
Dunbar v. Redfield, 7 Cal. 2d 515 = Cal: Supreme Court 1936

settlor, creator, trustor & grantor = same thing

The term “parol” derives from the Anglo-Norman French parol or parole, meaning “word of mouth” or “verbal”, and in medieval times referred to oral pleadings in a court case.^[3]