Real property, probate, and trust journal最新文献

{"title":"Public-Private Partnership and the Right to Property in Nigeria","authors":"A. Arimoro","doi":"10.17159/1996-2096/2019/v19n2a10","DOIUrl":"https://doi.org/10.17159/1996-2096/2019/v19n2a10","url":null,"abstract":"Governments across the globe are challenged by endemic budget deficits and find it impossible to reduce significantly their infrastructure deficit without the option of calling upon private sector funding. In addition, the public sector is better served to make policy decisions and provide opportunities for the private sector to design, fund, manage, maintain and operate public facilities using a public-private partnership model. To achieve this aim, it is the responsibility of the public authority to make land available for new projects and for the expansion or rehabilitation of existing public facilities. The objective of this article is to examine the process of land expropriation for public-private partnership projects in Nigeria in relation to the right of the citizen to property but who might be affected when such a decision is taken. The article reviews legislation, court decisions and literature on the subject and proffers recommendations.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"87 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78545939","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Valuation of Hybrid Financial and Actuarial Products in Life Insurance by a novel 3-Step Method","authors":"G. Deelstra, P. Devolder, Kossi Gnameho, P. Hieber","doi":"10.2139/ssrn.3307061","DOIUrl":"https://doi.org/10.2139/ssrn.3307061","url":null,"abstract":"Financial products are priced using risk-neutral expectations justified by hedging portfolios that (as accurate as possible) match the product’s payoff. In insurance, premium calculations are based on a real-world best-estimate value plus a risk premium. The insurance risk premium is typically reduced by pooling of (in the best case) independent contracts. As hybrid life insurance contracts depend on both financial and insurance risks, their valuation requires a hybrid valuation principle that combines the two concepts of financial and actuarial valuation. The aim of this paper is to present a novel three-step projection algorithm to valuate hybrid contracts by decomposing their payoff in three parts: a financial, hedgeable part, a diversifiable actuarial part, and a residual part that is neither hedgeable nor diversifiable. The first two parts of the resulting premium are directly linked to their corresponding hedging and diversification strategies, respectively. The method allows for a separate treatment of unsystematic, diversifiable mortality risk and systematic, aggregate mortality risk related to, for example, epidemics or population-wide improvements in life expectancy. We illustrate our method in the case of CAT bonds and a pure endowment insurance contract with profit and compare the three-step method to alternative valuation operators suggested in the literature.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"85 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84343994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Modeling Mortality of Related Populations via Parameter Shrinkage","authors":"G. Venter, S. Sahin","doi":"10.2139/ssrn.3301981","DOIUrl":"https://doi.org/10.2139/ssrn.3301981","url":null,"abstract":"Parameter shrinkage is known to reduce fitting and prediction errors in linear models. When the variables are dummies for age, period, etc. shrinkage is more commonly applied to differences between adjacent parameters, perhaps by fitting cubic splines or piecewise-linear curves (linear splines) across the parameters. A common problem in mortality is modeling related populations where some commonality is desired. We do this by shrinking slope changes of linear splines for the largest population, then shrinking differences from those slope changes for the other populations. \u0000 \u0000There are frequentist and Bayesian approaches to shrinkage, and they have a good deal of similarity. Here we use a unified approach that compromises a bit with both of these paradigms. It uses Bayesian tools without some of the historical Bayesian concepts, and pushes the random-effects framework slightly to accommodate. \u0000 \u0000Modeling Swedish and Danish male mortality data is used as an illustration.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"77 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89631951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Lex Rei Sitae and the EU Internal Market - Towards Mutual Recognition of Property Relations","authors":"B. Akkermans","doi":"10.2139/ssrn.3289625","DOIUrl":"https://doi.org/10.2139/ssrn.3289625","url":null,"abstract":"For as long as our modern legal systems exist they have operated on the basis of the lex rei sitae rule. As an expression of the principle of territoriality, the law of a country applies to all objects that are situated on the territory. In domestic cases, of course, the regular rules apply, but in international disputes a legal system uses its own rules to be able to apply its own domestic law. The doctrine of lex rei sitae becomes relevant in a situation in which two legal systems come into contact with one another. A conflict of laws or conflit mobile arises when the law of one country is to be applied in the law of another country. Over the last centuries an intricate system of rules has developed with which private international lawyers resolve conflict of laws by pointing towards one of these legal systems as the applicable law. They do so - at least in theory - blindfolded, so that they cannot favor one legal system over the other. Instead of choosing one system over another, a set of impartial and objective rules is used to determine what legal system is to be applied.<br><br>Private international law theory is, however, less facilitative in practice. In the European Union there is an internal market in which there is free movement of goods, persons, services and capital. This internal market is governed by principles and theory that are very different from the principles and theory underlying private international law. EU law works on the basis of a market functionalism that seeks to allow legal relations to remain to be governed by their country of origin. Property private international law rules are aimed to have legal relations governed by the host country. This tension between two opposite viewpoints is part of a larger tension between the unifying nature of EU Law and the procedural autonomy of the EU Member States. Rather than having EU law decide what is to be the applicable law, in general private international law cases, the host country, i.e. the lex fori, decides this by itself. In the past decade, however, many private international law rules have become EU law to centralise the rule deciding on applicable law and jurisdiction. The EU has therefore claimed competence in the area of applicable law and jurisdiction. However, when property law has been concerned, mostly connection has been sought, also at the EU level to the traditional lex rei sitae rule. In practice however, also an EU lex rei sitae rule turns out to be difficult to apply. The best example of this is perhaps the EU Succession Regulation that allows one single legal system to be applied to an entire cross-border succession case.<br>","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81316057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Kiracı Tarafından Kiralanan Gayrimenkulün Kira Süresi Dolmadan Satın Alınması Halinde İtfa Edilmemiş Özel Maliyet Bedelinin Durumu (The Case of Unamortızed Leasehold Improvements Amount when the Leased Real Estate Is Bought by the Leaseholder before Term of Lease Is Over)","authors":"Tunay Aslan, Cevdet Kizil","doi":"10.2139/ssrn.3901131","DOIUrl":"https://doi.org/10.2139/ssrn.3901131","url":null,"abstract":"Turkish Abstract: Özel maliyet olarak kabul edilen harcamalar, kira süresince eşit yüzdelerle amortisman ayrılmak suretiyle itfa edilmektedir. Vergi Usul Kanunu’na (VUK) göre kiralanmış olan gayrimenkulün kira süresi dolmadan boşaltılması durumunda ilgili gayrimenkule ait yapılan özel maliyet niteliğindeki harcamaların itfa edilmeyen kalan kısmının bir defada gider yazılmasına imkan tanınmıştır. Kiracı tarafından kiralanmış olan gayrimenkulün kira süresi dolmadan satın alınması halinde itfa edilmemiş özel maliyet harcamalarının satın alınan gayrimenkulün maliyetine dahil edilerek amortisman ayırmak suretiyle itfa edilmesi gerekmektedir. Araştırmada öncelikle özel maliyet kavramına ve itfa edilmesine değinilmiş, daha sonra kiralanan gayrimenkulün kira süresi dolmadan satın alınması halinde henüz itfa edilmemiş özel maliyet tutarının durumu çeşitli uygulamalar aracılığıyla açıklanmıştır. English Abstract:Charges considered and accepted as leasehold improvements are amortized with identical percentages through the leasing period. Based on the Tax Procedural Law, in case the leased real estate is abandoned before term of lease is over, unamortized portions of all expenses classified as leasehold improvements related to the real estate can be recorded as an expense. If the leaseholder buys the leased real estate before term of lease is over, unamortized leasehold improvements should be added to the cost of purchased real estate and then amortized. This research did first focus on the terminology of leasehold improvements and its amortization. The study then discussed the case of unamortized leasehold improvements amount by providing examples from accounting practice, in case the leased real estate is bought by the leaseholder before term of lease is over.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86867098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Spatiotemporal Equilibrium Model of Migration and Housing Interlinkages","authors":"Wu Cun, M. Pesaran","doi":"10.2139/ssrn.3162399","DOIUrl":"https://doi.org/10.2139/ssrn.3162399","url":null,"abstract":"This paper develops and solves a spatiotemporal equilibrium model in which regional wages and house prices are determined jointly with location-to-location migration flows. The agent's optimal location choice and the resultant migration process is shown to be Markovian with the transition probabilities across all location pairs given as non-linear functions of wage and housing cost differentials, endogenously responding to migration flows. The model is calibrated on a panel of states in the U.S. mainland, and is shown to fit the data well. It is then used to analyze the size and speed of spatial spill-over effects by computing spatiotemporal impulse responses of positive productivity and land-supply shocks to California, as an example. It is shown that such a positive productivity shock raises local wages and induces net migration inflows from other states to California, and reduces population and house prices in other U.S. states. Not surprisingly, the responses of population and house prices tend to be stronger and quicker for the nearby states. The responses of U.S. states to a positive land-supply shock in California also have qualitatively the same spatiotemporal patterns. Similar results are obtained for other major U.S. states.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75319603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Property Lawfare: Historical Racism and Present Islamophobia in Anti-Mosque Activism","authors":"C. Choudhury","doi":"10.2139/SSRN.3259286","DOIUrl":"https://doi.org/10.2139/SSRN.3259286","url":null,"abstract":"This chapter concerns itself with the use of the law, legal institutions, and processes in anti-mosque activism and litigation to advance an social and political agenda that seeks to marginalize, if not expel, Islam and Muslims from mainstream America. It argues that even though anti-mosque activists who seek redress in courts most often lose, they “win by losing”— a phenomenon well theorized by law and social movement scholars. In other words, the strategy of litigating a narrow legal issue is not so much about winning the lawsuit but about using the courts to introduce social and political claims that further an Islamophobic agenda. Regardless of the legal outcome, anti-Muslim groups achieve significant results: their use of the law results in political consolidation of the anti-mosque movement, it keeps alive questions about Islam and Muslims’ ability to “belong” in the U.S., it demonstrates the willingness to fight for a dominant racial ordering that excludes minorities from some neighborhoods, and it forces the internalization of both social and material costs by the Muslim communities that go well beyond the costs of litigation. As critical race scholars and critical theorists have long argued, law itself is a political and indeterminate instrument. The “law is a central, if not the most central, participant in the broader project of Islamophobia.” Khaled Beydoun theorizes that Islamophobia from a legal perspective can be understood as three intersecting dimensions—private, structural, and dialectical. This chapter demonstrates this very intersectionality as it appears in anti-mosque activism. It analyzes how the private Islamophobia of community members can become galvanized into community action and through the use of the structures of the state (zoning commissions and courts) reinforce dialectical Islamophobia signaling that Muslims must explain, apologize for, and justify their actions even where those actions are entirely uncontroversial for other groups.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87263754","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Form, Substance and Recharactersiation","authors":"P. Lee","doi":"10.5040/9781509929481.ch-004","DOIUrl":"https://doi.org/10.5040/9781509929481.ch-004","url":null,"abstract":"At common law, a court may ‘recharacterise’ a contract when it is satisfied that the transaction it embodies is substantially different from the label assigned to it by the parties. This process of recharacterisation is well-established in many legal spheres including those of employment, trusts, property, taxation and secured financing. Whether a transaction should be recharacterised is routinely said to depend on its ‘substance’. Typically, this refrain is made to underscore the point that a court will not be bound by the label or form selected by the parties. However, precisely what constitutes ‘substance’ is less clear. Generally, a party seeking to recharacterise a transaction may do so on one of two grounds: first, that the transaction was a sham and hence unenforceable; or secondly, that on a true construction of the document, the transaction belongs to a category different from that identified by the parties. So expressed, these techniques engender the impression that recharacterisation – the location of ‘substance’ – is largely a matter of doctrinal analysis free from value judgment. But a closer inspection will reveal that the process is more textured and fine-grained. <br><br>This chapter examines the jurisprudence of recharacterisations in the areas of tenancy, employment, trusts and financing arrangements. It argues that the characterisation of a transaction is always a question of law informed by policy considerations. Specifically, recharacterisations are concerned with avoidances so the central question is whether and to what extent parties are legally permitted to ‘contract out’ of a statutory regime or the legal incidents of a relationship. As such, the process of recharacterisation is neither reducible to the application of narrow legal doctrines nor merely an exercise in contractual interpretation. As will be observed, English courts generally incorporate policy considerations in this discourse but are accustomed to presenting them as ancillary (rather than primary) justifications in their reasoning. Only in legislative contexts such as those protecting tenants or employees where the policy underpinnings are unambiguous is a court likely to base a decision squarely on the pursuit of the legislative goal. In other cases, they are wont to retreat to the sanctuary of rules and doctrines. On the whole, therefore, the English judicial method in this context is more formal than substantive. This predilection is not objectionable or detrimental where the relevant substantive concerns are balanced and embedded in the formal rules. But formal reasoning may descend into formalistic reasoning if the rules so harden as to eclipse important substantive concerns. This chapter contends that this risk subsists in recharacterisation cases. To minimise that risk, it is critical that judges articulate the interplay of values, policies and doctrines resulting in a particular characterisation. Similarly, courts should develop the broad techniques ","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88147532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Inequality in the Sharing Economy","authors":"Gregory M. Stein","doi":"10.2139/ssrn.3233919","DOIUrl":"https://doi.org/10.2139/ssrn.3233919","url":null,"abstract":"The rise of the sharing economy benefits consumers and providers alike. Consumers can access a wider range of goods and services on an as-needed basis and no longer need to own a smaller number of costly assets that sit unused most of the time. Providers can engage in profitable short-term ventures, working on their own schedule and enjoying many new opportunities to supplement their income. \u0000 \u0000Sharing economy platforms often employ dynamic pricing, which means that the price of a good or service varies in real time as supply and demand change. Under dynamic pricing, the price of a good or service is highest when demand is high or supply is low. Just when a customer most needs a good or service – think bottled water after a hurricane – dynamic pricing may price that customer out of the market. \u0000 \u0000This Article examines the extent to which the rise of the sharing economy may exacerbate existing inequality. It describes the sharing economy and its frequent use of dynamic pricing as a means of allocating scarce resources. It then focuses on three types of commodities – necessities, inelastic goods and services, and public goods and services – and discusses why the dynamic pricing of these three types of commodities raises the greatest inequality concerns. The Article concludes by asking whether some type of intervention is warranted and examining the advantages and drawbacks of government action, action by the private sector, or no action at all.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75044502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The New Zealand Experience: The Risks and Implications of Automation","authors":"Rod Thomas","doi":"10.2139/ssrn.3314988","DOIUrl":"https://doi.org/10.2139/ssrn.3314988","url":null,"abstract":"Landonline has been implemented for some 15 years. Overall, it has operated successfully in New Zealand - so far. Nevertheless, initial thoughts that the system transfers risk from the State to conveyancers (as users of the system) are still adhered to. The issue is whether (or when) this will become evident. \u0000 \u0000The paper examines the way the system operates, what its weaknesses are and considers its operating record and known abuses. It accepts that so far, there have been few abuses that have given rise to the need to establish liability issues. The paper suggests this is more likely to become an issue if the operation of the registry is privatised, as is presently occurring in both Australia and Canada. \u0000 \u0000Suggested changes to the Landonline system are then made in the hope that will better enhance and protect it against abuse or misuse.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74834508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}