Trust Property Research Articles

The new role trusts play in modern financial markets: the evolution of trusts from guardian to entrepreneur and the reasons for the evolution

Trusts, originally used to protect family landholdings over generations, have developed into a vehicle that not only acts as a guardian of family property, but also operates as an entrepreneur for commercial uses. The significant role the trust plays in financial markets has also spurred the introduction of trusts into civilian jurisdictions. This new role of trusts invites scholars to rethink general notions of the law like property, company, or tax in the context of trust law. Through an examination of the evolution of trusts, notably in China, this article seeks to redress misunderstanding of the new role of trusts and remove some of the mystery around the trust by placing it within the broader historical context within which trusts evolved. It also critically analyses the reasons for such evolution and attempts to answer the question of what makes a trust attractive for commercial uses. The article argues that the popularity of trusts in modern commercial and financial markets lies in the inherent flexibility of the trust device, the independence of trust property, the segregation of control and benefits of trust property, an ability of the trust to circumvent legal obstacles, and advantages of the trust over other business entities, such as companies.

REAL ESTATE INVESTMENT TRUST DALAM KERANGKA HUKUM PASAR MODAL INDONESIA

AbstractThe Development of property business investment is entering new era. This can be seen with the new investment, Real Estate Investment Trust (REIT), which can be offered to investor in capital market. The emergence of new investment cause capital needs closely inter-link between property industry and capital market, whereby traditionally, banking industry dominated before. Property market will be more efficient, fair, accountable. It is not only dominated by only some participants/exclusives but also opened investment opportunities for middle or small investor. A part from that, the tendency of banking industries is very selective to lend fund and high interest, open to grow up this investment opportunity. Also, Indonesia is judged as one of high potential countries to grow up this property trust because of high property grow up. Regard that condition, this paper demonstrates law relation between parties in REIT and how rules of Law of Republic Indonesia Number 8 Year 1995 concerning Capital Market can accomodate the REIT implementation all at once as ‘Law Umbrella’ in Indonesia Law.

An assessment of moisture induced damage in Blickling Hall in Norfolk, England, via environmental monitoring

In the last few decades, extreme weather events mostly characterized by more intense and frequent precipitation and wind incidents have risen, and current climatic projections strongly suggest that this trend will keep its pace in the future. These climatic conditions pose additional hygrothermal loading onto the built environment, which may lead to moisture induced deterioration and even strength reduction in masonry. Despite their already long service lives, this impact may in time become problematic for historic buildings, which, by nature of their design and construction, interact with moisture and climate to a far greater degree than modern buildings. The PARNASSUS project was set up with the aim of identifying and quantifying the impact of environment on historic buildings in the face of a changing climate. As part of this project, an extensive environmental monitoring campaign was carried out between 2012 and 2014 at Blicking Hall, a National Trust property in Norfolk, England, with the aim of providing further insight into the building’s overall performance under hygrothermal loading. Environmental monitoring work targeted not only indoor and outdoor conditions, but provided information about the temperature and relative humidity profiles across the walls by means of in-wall probes. Wind and rain gauges helped quantify other environmental parameters. This paper presents the findings from this environmental monitoring work, with specific emphasis on the basement suffering from sustained saturation in vapour phase and resulting biological growth, as well as the Long Gallery, where Blickling’s valuable library is kept.

Enhanced multi-attribute trust protocol for malicious node detection in wireless sensor networks

There has been a tremendous growth in the field of wireless sensor networks (WSNs) in recent years, which is reflected in various applications. As the use of WSN applications increases, providing security to WSNs becomes a leading issue. This is complex due to the unique features of WSNs. This paper proposes a trust-based intrusion detection that uses multi-attribute trust metrics to improve detection accuracy. It uses an enhanced distributive trust calculation algorithm that involves monitoring neighbouring nodes and trust calculation using the trust metrics message success rate (MSR), elapsed time at node (ETN), correctness (CS) and fairness (FS). In addition to the normal communication-based trust property MSR, this paper uses effective parameters like ETN, which focuses on data and address modification attacks in an effective manner, and two social-interaction-based parameters CS and FS, which address trust-related attacks effectively. Simulation results show that the proposed method has higher performance and provides more security in terms of detection accuracy and false alarm rate.

Improving landscape or recreating the picturesque?

Maintaining and restoring historic landscapes requires attention to native vegetation, cultural artefacts, historic buildings, hedges, stone walls and riparian woodland. One United Kingdom National Lottery scheme, which was launched in 1994, funds preservation of ‘heritage landscapes’. This paper examines the Lottery’s contribution to landscape restoration and rural development. It considers different scales at which restoration is occurring, focusing on three examples. The Leasowes estate is a small yet important example of a landscape garden in the eighteenth-century ‘picturesque’ taste. Croome Park, a National Trust property, boasts 270 hectares of parkland and a neo-Palladian mansion. The 105 sq km of the Malvern Hills is a human-created landscape traceable to prehistory, with landscape features dependent on longstanding grazing practices now threatened by changing farm economics. The article highlights different management approaches as it debates issues affecting landscape restoration and heritage management. Resolving tensions between official policy and cultural values within the community offer directions for further research.

Trusts and Ownership: A Common Law Perspective

In the trust institution introduced by the new Czech Civil Code, ‘ownership’ of trust ‘property’ is vested in no-one. What motivates this provision seems to be the view that the common law trust involves a division of ownership, but that such is prohibited in Czech law generally. The purpose of this article is to demonstrate that the idea of the common law trust involving a division of ownership is false. Indeed, English law does not even have a concept of ownership. It instead deals with rights, but even so, these rights are not split when held on trust. The question is how, if at all, these insights can help us understand the newly introduced Czech trust. The conclusion which is reached is that when the Czech Civil Code provides that the trust property is owned by no-one, it simply means that it is not held beneficially by anyone. The property is not, as might seem at first sight, res nullius.

The Risk of ‘Misusing’ Trusts: Some Lessons from the Italian Experience

In the course of the past decade, several European legislatures have introduced devices into their legal systems that are functionally similar to trusts, including the Czech Republic, which has inserted a new set of provisions into its new Civil Code. Such developments are sometimes accompanied by fears that trusts might be misused or abused. Some of the concerns commonly raised about trusts are that trustees could misappropriate trust property to the detriment of beneficiaries, or that trusts could be used to shield assets from creditors, spouses or forced heirs of the settlor. Other fears are that trusts can be used for money-laundering purposes or to hide assets from tax authorities, and that third parties dealing with trustees may be unaware of the trust’s existence. This article discusses Italy’s experience with trusts, where they have become a popular instrument used in a variety of contexts, often to make up for shortcomings of domestic laws. Its aim is to provide a brief overview of the nature of the trusts employed in Italy, and their purposes, and to discuss whether and to what extent some of the concerns mentioned above have materialized in legal practice, and how they have been addressed. The Italian experience demonstrates that not all concerns that are generally voiced against trusts necessarily arise in practice. It further shows that where issues have arisen concerning, for instance, creditor protection, the legal system is well equipped to tackle or mediate risks of misusing and abusing trusts. Italian courts have reacted effectively even though there is no national legislation providing Italian courts with special powers.

Different Types of Trust from an Ownership Aspect

The Anglo-Saxon legal institution of a trust is generally regarded as unique because of the simultaneous existence of a legal and equitable title. Legal systems based on Roman law recognize only the unity of ownership, which acts as the chief impediment to the introduction of trusts. Legislators in civil law and mixed jurisdiction countries discovered the relevant advantages of trusts in the economy and in the private sphere, therefore they tried to create similar institutions that could fulfil the same function. The aim of this study is to present a view and a comparative law analysis of the trust-like devices of civil law and mixed jurisdictions, with special emphasis on the regulation of trust property. The comparison will take into account characteristics such as ownership of the trust fund, asset partitioning, the nature of the parties involved in the legal relationship, and the possibility of tracing. The functionality of institutions in civil law countries is more or less adequate to serve the purposes of a trust, but several important details and relevant differences should be highlighted.

Statutory discretion or common law power? Some reflections on “veil piercing” and the consideration of (the value of) trust assets in dividing matrimonial property at divorce – Part One

Although it is an entrenched principle of company law that the abuse of corporate personality may require the “corporate veil” of a company to be “pierced”, this possibility has only recently become a feature of South African trust law. While this is a salutary development in theory, the application and practical usefulness of this remedy remain shrouded in uncertainty. A particularly acute manifestation hereof arises where it is argued that (the value of) trust property should be considered for the purposes of dividing matrimonial property at divorce. By drawing on the established principles of “piercing” in the company context and analysing relevant case law, Part One of this article concludes that the prevailing position in respect of trusts neither accords with the principles of proper trust administration nor gives effect to the legal obligations imposed on divorcing spouses by matrimonial property law. More specifically, it is argued that, while piercing the trust veil is a power that is derived from common law (as opposed to legislation), the actual exercising of this power in a divorce context is dependent on a nexus provided by the matrimonial property regime in question. From this platform, Part Two of this article will provide perspectives on how the property of an abused trust should be dealt with in divorces involving the three major matrimonial property regimes that are recognised by South African family law. In addition, it will be argued that potential litigation based on these contentions should contribute towards rectifying the unsatisfactory legal position that prevails.

The trust deficit in Sino-Japanese relations

Recent years have seen a deterioration in political relations between China and Japan, in particular over the disputed Senkaku/Diaoyu islands and history-related problems. Commentators have noted an attendant decline in trust between the two sides and have stressed the need for confidence-building measures in order to address the trust deficit. This article explores the origins of declining trust between the Chinese and Japanese leaderships. It argues that attempts to build a friendly and trusting relationship in the early post-war and post-normalisation periods began to fail in the 1980s, and have been in a gradual state of decline ever since. Using the concepts of trust and friendship, the article suggests that the lack of trust properties such as empathy, bonding, reliability and predictability have contributed to the deterioration of trust at both elite and popular levels.

A semantic-enhanced trust based recommender system using ant colony optimization

Collaborative Filtering (CF) is the most popular recommendation technique that uses preferences of users in a community to make personal recommendations for other users. Despite its popularity and success, CF suffers from the data sparsity and cold-start problems. To alleviate these issues, in recent years, there has been an upsurge of interest in exploiting trust information to improve the performance of CF. In general, trust has a number of distinct properties such as asymmetry, transitivity, dynamicity and context-dependency. However, conventional trust-based CF systems do not address trust computation by considering all the properties of trust. Particularly, the context-dependency property has received less attention in the existing approaches. The consideration of all these properties leads to more accurate recommendations since the quality of the inferred is improved. In this paper, we propose a novel trust-based approach, called Semantic-enhanced Trust based Ant Recommender System (STARS), which satisfies all the properties mentioned above. Using ant colony optimization, the proposed system performs a depth- first search for the optimal trust paths in the trust network and selects the best neighbors of an active user to provide better recommendations. To consider the context-dependency property, trust inference in STARS depends on the semantic descriptions of items. Incorporation of both global and local trust in CF-based recommender systems in addition to the trust computation based on the semantic features of items allows STARS to alleviate the data sparsity, cold-start and "multiple-interests and multiple-content" problems of CF. Experimental results on real-world data sets show that STARS outperforms its counterparts in terms of prediction accuracy and recommendation quality and can overcome the above problems.

An Analysis Of The Risks Associated With Estate Duty In Retaining Control Over Trust Assets

The use of trusts to minimise estate duty and other taxes has recently come under scrutiny from government. The DTC has proposed amendments to income tax legislation to serve as a deterrent against using trusts to avoid estate duty. Such amendments will, however, only discourage the use of trusts if the trust assets generate a significant amount of income and the donor of the assets or the beneficiaries of the trust have little or no other taxable income.The objective of this paper is to identify the estate duty risks associated with retaining control over trust assets. It was concluded that trust assets are only at risk of being included as deemed property in the estate of a deceased person where such person had, immediately prior to death, the legal competence to dispose of such property for the benefit of himself or his estate and that the conduct of the planner was not a relevant consideration in determining whether trust assets could be deemed property. However, the conduct of the estate planner with respect to trust assets could potentially lead to the inclusion of the property as actual property in his estate, particularly in circumstances where the trust was his alter ego and trust property was treated as his own, where the trust arrangement is regarded as simulated or where there was no intention to create a trust.

Концепция бенефициарной собственности в российской судебной практике (частноправовые вопросы)

The author studies the definitions and features of the concept of “beneficial ownership” and its application by Russian courts. Although the Russian civil law does not recognize the concept of beneficial ownership which comes from the English law of equity, this concept is beginning to be recognized by Russian judicial practice, in particular, in the recent resolutions of the Russian Supreme Court of the Russian Federation. The cases in question relate to the division of the joint property acquired by spouses during the marriage (the Russian courts consider the property (assets) of the offshore company or trust controlled by spouse (acting as a beneficiary) as a joint spouses’ property); recognition of the rights of beneficiary for challenging the decisions of the companies controlled by such beneficiary; levy of execution upon the property of the offshore companies and trusts controlled by beneficiary for the beneficiary’s debts. It is obvious that decisions of Russian courts are in the line with trends of development of foreign case law. One of the manifestations of the beneficial ownership concept in Russian law is the institute of “a person having factual right for the income”, fixed by Russian tax law. Considering the deoffshorization policy in Russia, it is obvious that this institute will continue to be reflected in the national tax law. The author attends to, inter alia, the questions of applicable law to beneficial ownership, including applicable law to the relations with offshore companies and trusts. In particular, the legal regime of foreign trust’s or offshore company’s property shall be determined by the law of the relevant foreign jurisdiction but not by the rules of Russian law.

Formal Modelling of Data Integration Systems Security Policies

Data Integration Systems (DIS) are concerned with integrating data from multiple data sources to resolve user queries. Typically, organisations providing data sources specify security policies that impose stringent requirements on the collection, processing, and disclosure of personal and sensitive data. If the security policies were not correctly enforced by the integration component of DIS, the data is exposed to data leakage threats, e.g. unauthorised disclosure or secondary use of the data. SecureDIS is a framework that helps system designers to mitigate data leakage threats during the early phases of DIS development. SecureDIS provides designers with a set of informal guidelines written in natural language to specify and enforce security policies that capture confidentiality, privacy, and trust properties. In this paper, we apply a formal approach to model a DIS with the SecureDIS security policies and verify the correctness and consistency of the model. The model can be used as a basis to perform security policies analysis or automatically generate a Java code to enforce those policies within DIS.

A dynamic trust evaluation mechanism based on affective intensity computing

A complete description of trust relationship is key to construct a high precision trust model. But most of existing models not only miss the negative information and the hesitation information of trust, but also ignore the discordance between text comments and ratings. To solve the problems, a dynamic trust evaluation model based on the affect intensity is proposed. In the model, the intensity of sentimental polarities are calculated from words in comments. The corresponding relation between evaluations of trust property and the emotional intensity vector can be also described. Time series weights to distinguish the importance of transaction at different time are determined by the inverse form of exponential distribution. So the dynamic attenuation of trust can be described. To improve the polymerization ability of trust information, the local trust, the feedback trust and the overall trust are calculated by operators of fuzzy logic. The experimental results show the proposed model can effectively describe the trust relationship between nodes to identify and eliminate various malicious attacks significantly. Copyright © 2016 John Wiley & Sons, Ltd.

Concord Associates, LP., et al. v. Entertainment Properties Trust, et al.Docket No. 13-3933-cv; 2016 U.S. App. LEXIS 4946; 2016-1 Trade Reg. Rep. (CCH) P79,550 (United States Court of Appeals for the Second Circuit, March 18, 2016)

Gaming Law Review and EconomicsVol. 20, No. 5 CasesConcord Associates, LP., et al. v. Entertainment Properties Trust, et al.Docket No. 13-3933-cv; 2016 U.S. App. LEXIS 4946; 2016-1 Trade Reg. Rep. (CCH) P79,550 (United States Court of Appeals for the Second Circuit, March 18, 2016)Published Online:21 Jun 2016https://doi.org/10.1089/glre.2016.20511AboutSectionsPDF/EPUB Permissions & CitationsPermissionsDownload CitationsTrack CitationsAdd to favorites Back To Publication ShareShare onFacebookTwitterLinked InRedditEmail FiguresReferencesRelatedDetails Volume 20Issue 5Jun 2016 InformationCopyright 2016, Mary Ann Liebert, Inc.To cite this article:Concord Associates, LP., et al. v. Entertainment Properties Trust, et al.Docket No. 13-3933-cv; 2016 U.S. App. LEXIS 4946; 2016-1 Trade Reg. Rep. (CCH) P79,550 (United States Court of Appeals for the Second Circuit, March 18, 2016).Gaming Law Review and Economics.Jun 2016.437-441.http://doi.org/10.1089/glre.2016.20511Published in Volume: 20 Issue 5: June 21, 2016PDF download

Understanding Graph-Based Trust Evaluation in Online Social Networks

Online Social Networks (OSNs) are becoming a popular method of meeting people and keeping in touch with friends. OSNs resort to trust evaluation models and algorithms to improve service quality and enhance user experiences. Much research has been done to evaluate trust and predict the trustworthiness of a target, usually from the view of a source. Graph-based approaches make up a major portion of the existing works, in which the trust value is calculated through a trusted graph (or trusted network, web of trust, or multiple trust chains). In this article, we focus on graph-based trust evaluation models in OSNs, particularly in the computer science literature. We first summarize the features of OSNs and the properties of trust. Then we comparatively review two categories of graph-simplification-based and graph-analogy-based approaches and discuss their individual problems and challenges. We also analyze the common challenges of all graph-based models. To provide an integrated view of trust evaluation, we conduct a brief review of its pre- and postprocesses (i.e., the preparation and validation of trust models, including information collection, performance evaluation, and related applications). Finally, we identify some open challenges that all trust models are facing.

Eastern Trusts, Western Contracts: The Transition from Contract to Trust in China’s Trust Industry

This article examines the intersection of law and finance in the historical development (since 1979) of the concept of trust in China. Compared to the Western model, two key aspects of the Chinese trust remain to be determined, namely: the allocation of the ownership of the trust property and the scope of the beneficial right. Recent attempts by the Chinese legislators to clarify the Trust Law 2001 have led some scholars to speak of ‘one law, three regulations’. However, this article argues that the present situation, in which a trust is treated as a two-party contract between settlor/beneficiary and trustee, has proved useful in allowing China’s trust industry to continue to grow, while providing an important source of funding for state and local government projects. Drawing on the Legal Theory of Finance, this article argues that the Chinese legislators have built the possibility for flexible enforcement into the Trust Law 2001 and its subsequent interpretation in order to encourage investment, while permitting a stable transition from a ‘rule-bound’ to a ‘law-bound’ system, in accordance with the Chinese principle of ‘crossing the river by feeling the stones’. In the next phase, the practice of ‘absolute payment’ (刚性兑付), which is just beginning to receive scholarly attention, will present a potential threat to financial stability as China’s trust industry moves towards a tighter definition of trust.

A hesitant fuzzy model of computational trust considering hesitancy, vagueness and uncertainty

The aim of this work is to introduce a trust model, which is highly consistent with the social nature of trust in computational domains. To this end, we propose a hesitant fuzzy multi-criteria decision making based computational trust model capable of taking into account the fundamental building blocks corresponding to the concept of trust. The proposed model is capable of considering the contextuality property of trust and the subjective priorities of the trustor regarding the chosen goal. This is due to viewing trust not as a single label or an integrated concept, but as a collection of trustworthiness facets that may form the trust decision in various contexts and toward different goals. The main benefit of the proposed model is the consideration of the hesitancy of recommenders and the trustor in the process of trust decision making which can create a more flexible mapping between the social and computational requirements of trust. This type of formulation also allows for taking into account the vagueness of the provided opinions. In addition to the vagueness of the provided opinions, the model is capable of considering the certainty of recommendations and its effect on the aggregation process of gathered opinions. In the proposed model, the taste of the recommenders and the similarity of opinions are also considered. This will allow the model to assign more weight to recommendations that have a similar taste compared to the trustor. Finally, taking into consideration the attitudes of the trustors toward change of personality that may occur for various entities in the environment is another advantage of the proposed model. A step-by-step illustrative example and the results of several experimental evaluations, which demonstrate the benefits of the proposed model, are also presented in this paper.

Kiss Me, Kate: A Musical Play by Cole Porter

Reviewed by: Kiss Me, Kate: A Musical Play by Cole Porter Paul R. Laird Cole Porter. Kiss Me, Kate: A Musical Play. Book by Samuel and Bella Spewack; orchestrations by Robert Russell Bennett; additional orchestrations by Don Walker, Walter Paul, Robert H. Noeltner and Freddie Bretherton; incidental ballet music arranged by Genevieve Pitot; critical edition by David Charles Abell and Seann Alderking. New York & Los Angeles: The Cole Porter Musical & Literary Property Trusts, Warner/ Chappell Music; produced: Van Nuys, CA: Alfred Music, 2014. [Abbrevs. and sigla, p. v–vi; pref., p. vii–viii; musical notation and performance practice, p. ix–x; acknowledgements, p. x; production note, p. xi; cast [End Page 161] and scoring, p. xii; score, p. 1–626; appendix, p. 627–90; crit. report, p. 691–741; bibliog., p. 742. ISBN-10 1-4706-1954-7, ISBN-13 978-1-4706-1954-1. $200.] Full orchestral scores are so important in concert halls and opera houses that it seems almost incredible that they have remained nearly unknown for performances of Broadway musicals. Many shows include a pit orchestra with four or five reed players, four to six brass players, bowed strings, keyboard, guitar, harp, and percussion, not to mention voice parts, which amount to four or more lines in ensemble sections. A conductor of such a collection of performers would benefit from a full score. Once a Broadway musical becomes popular, with eight performances per week, the music director would hardly need a full score, but it would be beneficial during rehearsals and for subsequent conductors. Music directors who also work in opera find vexing the lack of full scores for Broadway musicals, and express frustration with the glorified piano-vocal scores filled with cues that pass as “conductor’s scores” for most musical theater works. Such incomplete renditions make shows difficult to rehearse, and the study of Broadway orchestration in any detail all but impossible—huge obstacles when considering how popular some shows are and how important the scholarly study of the musical theater has become. The lack of full orchestral scores in the musical theater is caused partly by the way that orchestrations are created, and the genre’s commercial nature. Few original Broadway shows begin the rehearsal period with a completed score. Songs change or disappear during the process, and new songs and dances get added as the creative team tries to decide what will provide the greatest thrill to the audience. By necessity, orchestration does not begin until most of the numbers have been written. In the case of West Side Story, for example, rehearsals took place between June and early August of 1957, and the show opened for its first out-of-town tryout in Washington, D.C., on 19 August. Leonard Bernstein and lyricist Stephen Sondheim wrote their final song, “Something’s Coming,” on 7 August. Bernstein supervised Sid Ramin and Irwin Kostal in the orchestration process during July and early August. Figures besides these three men had input into what the orchestrations would sound like, including Sondheim and director–choreographer Jerome Robbins, who made changes without the composer’s permission in arrangements that he heard from the pit. The orchestrations probably did not reach what might be considered a final form until just before the Washington premiere, and minor changes surely continued until the New York opening on 26 September. (For more information on the show’s orchestration, see Nigel Simeone, Leonard Bernstein: West Side Story, Landmarks in Music since 1950 [Burlington, VT: Ashgate, 2009], 85–92.) The full scores that Ramin and Kostal wrote were nothing more than drafts from which parts were copied. The history of West Side Story is typical of what has transpired on Broadway through the decades. Many such efforts have been documented by Steven Suskin in The Sound of Broadway Music: A Book of Orchestrators and Orchestrations (New York: Oxford University Press, 2009), an important contribution. Another impediment to producing full scores for musical theater is the frugal process by which the industry makes shows available for licensed performances. Orchestral parts sent out for shows have tended to be copies of those played in the New York pit with the ubiquitous “conductor’s score,” described...