|
Commingling, which literally means "mixing together", is a breach of trust in which a fiduciary mixes funds that he holds in the care of a client with his own funds, making it difficult to determine which funds belong to the fiduciary and which belong to the client. This raises particular concerns where the funds are invested, and gains or losses from the investments must be allocated. In such circumstances, the law usually presumes that any gains run to the client and any losses run to the fiduciary who is guilty of commingling. In many common law jurisdictions, fiduciary is a legal term used to describe a relationship between a person who occupies a particular position of trust, power or responsibility with respect to the rights, property or interests of another. ...
The problem of commingling is of particular concern in the legal profession. Attorneys are strictly prohibited from commingling their clients funds with their own, and such activity is grounds for disbarment in virtually every jurisdiction. An attorney is someone who represents someone else in the transaction of business: For attorney-at-law, see lawyer, solicitor, barrister or civil law notary. ...
Disbarment is a penalty for lawyers. ...
Marital property
In marital property states of the United States, "commingling" non-marital property with marital property can make it marital property. For example, depositing a money received through inheritance--ordinarily considered non-marital, individual property--into a marital property bank account may transform the money into marital property. Most marital property states apply a presumption of marital property, where there is any commingling the burden of proof is on the party disputing the classification to "trace" the property back to individual property. For other uses, see inheritance (disambiguation). ...
For other uses, see Bank (disambiguation). ...
In common law, a rebuttable presumption is an assumption that is made that will stand as a fact unless someone comes forward to contest it and prove otherwise. ...
In the common law, burden of proof is the obligation to prove allegations which are presented in a legal action. ...
|