Joint ownership and beneficial entitlement: Stack v Dowden.

Explores the issue of the share of beneficial entitlement to the family home where the legal title is jointly owned, but where there has not been an express declaration of a beneficial joint tenancy. Discusses the House of Lords judgment in Stack v Dowden which addressed this point. Explains how the judges moved the focus away from the court imposing its own sense of fairness on the parties or imputing an intention based on the circumstances to one where the concentration will be on the parties' relevant conduct. Outlines three other points of interest referred to in the judgment: (1) whether an indirect financial contribution could support a constructive trust; (2) whether proprietary estoppel and common intention constructive trusts should be assimilated; and (3) whether a mortgage liability is equivalent to a financial contribution.

Beneficial ownership and detriment

Considers the factors which contribute to a court finding that a cohabitee has a beneficial interest in property, in particular the detriment which is required to establish a constructive trust, with reference to the Chancery Division decision in Levi v Levi and previous case law. Outlines the provisions on express or inferred common intention. Considers whether a loan of money from the non-owning to the owning cohabitant, made at a lower level than commercial loans, towards the purchase the property was sufficient detriment to entitle her to proceeds of sale from the property.

The effect of ownership structure, country governance, and financial development on the capital structure of unlisted eastern European firms

This paper investigates the determinants of capital structure for a sample of 20,713 unlisted firms from 11 eastern European countries over the period 1994-2004. We employ usual firm-specific financial variables as well as country-specific variables that describe the degrees of governance structure and financial development of each country. Using regression analysis, our results indicate that firm ownership concentration and country governance structure are insignificant explanatory variables to the degree of leverage of the firms in our sample. On the other hand, indicators of country financial development are robust determinants of capital structure. However, the marginal explanatory power of country-specific variables is small. We conclude that firm-specific characteristics are decisive in capital structure.

Constructive trusts, illegal purpose and locus poenitentiae

Analyses the Family Division decision in Q v Q on the competing claims of a father and son to beneficial ownership of a house in which the father sought to on a secret agreement entered into with his sons when transferring the property into their joint names, intended to subvert the inheritance tax rules on lifetime gifts by retaining the right to have the property transferred back to him, and the son relied on a later agreement with his brother to transfer the house into his sole name, in reliance on which he and his wife had acted to their detriment by paying for its upkeep and renovation.

Property in body parts and products of the human body

An intriguing question, which until recently had not been directly explored by the courts, is the extent to which English law recognises body parts and products of the human body as property capable of ownership. Although the common law currently recognises no general property in a dead body (and only limited possessory rights in respect of it), this apparent “no-property rule” provides no justification, it is submitted, for denying proprietary status to parts or products of a living human body. The recent decision of the Court of Appeal in Yearworth v. North Bristol NHS Trust ([2009] EWCA Civ 37) lends strong support to the view that genetic material (as the product of a living human body) is capable of ownership, at least in the context of a claim in the tort of negligence and bailment. This article examines the various issues by reference to both English and Commonwealth authority.

Beneficial entitlement: no longer doing justice?

Discusses the House of Lords ruling in Stack v Dowden on the size of each legal owner's share of the equity in the family home in the event of the relationship breakdown of an unmarried couple. Considers whether the parties intended their beneficial interests to be different to their legal interests in the property. Comments on the court's primary concern of establishing, from the parties' conduct, their intention as regards beneficial ownership. Looks at whether indirect financial contributions give rise to a beneficial interest under a constructive trust and notes the relevance of the doctrine of proprietary estoppel.

Resulting trusts, joint borrowers and beneficial share

Reviews case law illustrating the courts' approach to beneficial ownership of property purchased in joint name by means of a joint mortgage but without any declaration of beneficial interest, the resulting trust and joint beneficial interest presumptions. Contrast the approach adopted in cases where one party made no contribution to the mortgage payments with those where both parties made a contribution. Highlights the courts' treatment of the right to buy discount afforded tenant purchasers and property purchased as a commercial venture rather than a home.

Surrogate brands - the pull to adopt an 'other' nation; via sports merchandise

A growing number of consumers are choosing to wear sporting merchandise, from an‘other’ nation – whom they have no geographic or ethnic affiliation with. In addition, nation sports branding appears to have scaled pandemic heights; by reaching fever pitch, when actively carrying its message across boarders. Consumer preferences are being driven past simple behavioural characteristics; towards more transient psychographic and emotional constructs. In short, nation branded sporting uniform is no longer viewed as demanding restrictivemonogamous loyalty. Ownership of a uniform largely suggests exclusivity and encouraged competition. However, manufactures, national teams, athletes and sponsors are entering symbiotic brand relationships - where they are actively seeking publics, open to multiple adopted nationalities. This phenomenon draws consumers towards embracing temporal national identities, which are converted into an over-arching cross-border identity; ultimately gifting sports brands more significance. The following paper explores consumers’ entry into relationships with another nation, in preference to their own - in manner that has been likened to a form of surrogacy; by the authors. The aim is to stimulate further thinking in a field; which transcends national and cultural boundaries - in the interests of developing new insight, and to provide a platform for marketers to develop more effective communications.

Cohabitation and conflict

Considers some of the potential legal difficulties that can occur on the breakdown of a cohabiting couple's relationship. Covers disputes surrounding the ownership of the family home and the use of constructive trusts following the House of Lords decision in Lloyds Bank Plc v Rosset. Outlines the recommendations of the Law Commission in its report Cohabitation: the Financial Consequences of Relationship Breakdown. [From Legal Journals Index]

Rights for cohabitants

Reviews the guidance given by the House of Lords in Stack v Dowden on quantifying the beneficial interests of cohabiting parties in their former family home when one party seeks to rebut the presumption of joint beneficial ownership. Comments on the subsequent application of the principles by the county court in Adekunle v Ritchie and by the Privy Council in Abbott v Abbott, highlighting the approaches used to establish an equitable interest and to quantify the parties' shares in the properties. Considers whether statutory intervention is now needed to resolve the difficulties. [From Legal Journals Index]

When deterrence works - and when it doesn't: a comparison of Sweden's prostitution law and UK's Dangerous Dogs Act

Many pieces of legislation have been implemented with the anticipation - or justification - that they will have a deterrent effect. Deterrence was clearly argued in the debate preceding the Swedish prostitution law prohibiting the purchase of sexual services, but less so regarding the Dangerous Dogs Act, which was a very rapid response to a particular moral panic. As it turned out, the Swedish law has had a deterrent effect on street prostitution in that 'respectable' buyers were deterred. It will be argued that it is this very 'respectability' that makes deterrence work in this case. Regarding the Dangerous Dogs Act, the owners of Pit Bulls and other banned breeds are not considered 'respectable' and the banning might have had the reversed effect - increasing the attraction of these dogs, rather than deterring the ownership. Apart from deterrence and its consequences, the rendering invisible of key actors - buyers and owners respectively - and the use of symbolic legislation to promote moral messages will also be considered. [From the Author]

An integrated study (geochemistry, stable oxygen and carbon isotopes, nannofossils, planktonic foraminifera, inoceramid bivalves, ammonites and crinoids) of the Waxahachie Dam Spillway section, north Texas: a possible boundary stratotype for the base of the Campanian Stage

The spillway of Lake Waxahachie, Ellis County (Texas), exposes a > 17 m section of the Hutchins Member of the Austin Chalk Group, un-conformably overlain by Taylor Clay. The Austin sequence was regarded as a potential Global Stratotype Section for the base of the Campanian Stage at the 1995 Brussels meeting on Cretaceous Stage boundaries, with the last occurrence of the crinoid Marsupites testudinarius (von Schlotheim, 1820) as the potential boundary marker. An integrated study of the geochemistry, stable carbon and oxgen isotopes, nannofossils, planktonic foraminifera, inoceramid bivalves, ammonites and crinoids of this section place the last occurrence of M. testudinarius in a matrix of eighteen ancillary biostratigraphic markers, while the boundary can also be recognised on the basis of a delta C-13 excursion that can, in principle, be detected globally in marine sediments. A new forma of the crinoid Marsupites testudinarius is introduced. The Waxahachie section fulfils sufficient geological criteria as to be an excellent candidate GSSP for the base of the Campanian Stage, if problems of ownership and access to the section can be resolved.

Relational dimensions of corporate governance in translation: networked governance in China and India

The effectiveness of corporate governance mechanisms has been a subject of academic research for many decades. Although the large majority of corporate governance studies prior to mid 1990s were based on data from developed market economies such as the U.S., U.K. and Japan, in recent years researchers have begun examining corporate governance in transition economies. A comparison of China and India offers a unique environment for analyzing the effectiveness of corporate governance. First, both countries state-owned enterprise (SOE) reform strategies hinges on the Modern Enterprise System characterized by the separation of ownership and control. Ownership of an SOE’s assets is distributed among the government, institutional investors, managers, employees, and private investors. Effective control rights are assigned to management, which generally has a very small, or even nonexistent ownership stake. This distinctive shareholding structure creates conflict of interest not only between management (insiders) and outside investors but also between large shareholders and minority investors. Moreover, because both governments desire to retain some control—in part through partial retained ownership of commercialized SOEs, further conflicts arise between politicians and firms. Second, directors in publicly listed firms in both countries are predominantly drawn from institutions with significant non-market objectives: the government and other state enterprises, particularly in China, and extended families, particularly in India. As a result, the effectiveness of internal governance mechanisms, such as the number of independent directors on the board and the number of independent supervisors on the supervisory committee, are likely to be quiet limited, although this has yet to be fully evaluated. Third, because of the political nature of the privatization process itself, typical external governance mechanisms, such as debt (in conjunction with appropriate bankruptcy procedures), takeover threats, legal protection of investors, product market competition, etc., have not been effective. Bank loans have traditionally been viewed as grants from the state designed to bail out failing firms. State-owned banks retain monopoly or quasi-monopoly positions in the banking sector and profit is not their overriding objective. If political favor is deemed appropriate, subsidized loans, rescheduling of overdue debt or even outright transfer of funds can be arranged with SOEs (soft budget constraints). In addition, a market for private, non-bank debt is limited in India and has yet to be established China. There is no active merger or takeover activity in Chinese stock markets to discipline management. Information available in the capital markets is insufficient to keep at arm’s length of the corporate decisions. In light of the above peculiarities, China and India share many of the typical institutional characteristics as a transition economy, including poor legal protection of creditors and investors, the absence of an effective takeover market, an underdeveloped capital market, a relative inefficient banking system and significant interference of politicians in firm management. Su (2005) finds that the extent of political interference, managerial entrenchment and institutional control can help explain corporate dividend policies and post-IPO financing choices in this situation. Allen et al. (2005) demonstrate that standard corporate governance mechanisms are weak and ineffective for publicly listed firms while alternative governance mechanisms based on reputation and relationship have been remarkably effective in the private sector. Because the peculiarities are significant in this context, the differences in the political-economies of the two countries are likely to be evident in such relational terms. In this paper we explore the peculiarities of corporate governance in this transitional environment through a systematic examination of certain aspects of these reputational and relationship dimensions. Utilising the methods of social network analysis we identify the inter-organisational relationships at board level formed by equity holdings and by shared directors. Using data drawn from the Orbis database we map these relations among the 3700 largest firms in India and China respectively and identify the roles played in these relational networks by the particularly characteristic institutions in each case. We find greatly different social network structures in each case with some support in these relational dimensions for their distinctive features of governance. Further, the social network metrics allow us to considerably refine proxies for political interference, managerial entrenchment and institutional control used in earlier econometric analysis.

Sustainability and local tourism branding in England's South Downs

This paper reports on a stakeholder consultation exercise that examined the tourism industry's perception of developing a local tourism branding scheme within the South Downs' protected areas in south-east England. The research shows that such schemes could offer potential benefits that are recognisable by the tourism industry, while helping to meet the statutory aims of the protected area. The paper records the perceptions of small tourism businesses, their fears, awareness of tourism impacts, perceptions of sustainable tourism and of local branding, and key criteria connected to the future organisation of a local tourism branding scheme. The conclusion lists the recommendations for the implementation of a local branding scheme, including grassroots stakeholder consultation that encourages ownership and participation, institutional frameworks that support capacity-building and the importance of developing core values within a local brand.

Waste management companies in Europe 2009

This paper examines the ownership, employment and finances of the major waste companies in Europe, and recent developments in ownership.