Bona vacantia

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Bona vacantia ( Latin for "stuff without owner") is a legal concept related to property that has no owner. It exists in various jurisdictions, with consequently various applications, but with origin mostly in English law.

Video Bona vacantia

Kanada

Bona vacantia is implemented in accordance with the relevant provincial law, and its legal roots can be traced to Roman law.

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New Zealand

As with Britain, unclaimed money will mostly be returned to the Crown which can then make further distribution. Any property not claimed other than money may also be claimed on behalf of the Crown but (as with British jurisdiction) this is inevitable.

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United Kingdom

England and Wales

Bona vacantia is part of the general legal doctrine and is partly found in the law. It deals with:

• Dismissed company assets that failed to be distributed
• Unsolved unrelated association asset that failed to be distributed
• The estate of a deceased plantation that failed to be distributed because of the intimacy and lack of a known person is entitled to inherit
• Some failed trust properties

For most of England and Wales, the Bona Vacantia Division of the Government Legal Department is responsible for handling the assets under the name of the Crown. If no property heirs can be found then the asset is realized and the rest is transferred to HM Treasury. This division deals only with solvent estates worth more than  £ 500. The dismissed company's assets automatically pass to the Crown under the law. They are realized by divisions and incomes that are forwarded to the Exchequer, even though the division has the power to reject the aggravating assets. The liability associated with the asset does not automatically follow the asset to be bona vacantia . Attention should be taken to distinguish between the assets remaining when the dissolution begins (which, for example, may be distributed to shareholders or others in the process) and those who for various valid reasons remain un-distributed at the conclusion of dissolution. Some assets may only appear after the disbanding has occurred.

Cornwall and Lancashire

For assets based in Cornwall and within the boundaries of traditional Lancastire state palatine, Farrer & amp; Co lawyers deal with bona vacantia on behalf of Duchy of Cornwall and Duchy of Lancaster respectively. In either case, if no legitimate owner is found for the asset, the asset legally passes to the respective duchies. The current practice for both is to donate this asset to charity. In Lancaster, the beneficiaries are the Duchy of Lancaster Benevolent Fund and the Duchy of Lancaster Jubilee Trust, while in Cornwall the Duke of Cornwall Benevolent Fund receives assets.

When the King of England was founded in 1230 the Royal Escheator Office to centralize the bona vacantia, Earl Edmund of Cornwall pressed his claim to bona vacantia by having viscounts who continued to handle them. Until 1337 and 1338 Duchy Charters, the issue was disputed between the king and the priest. In Duchy Charters, the King inaugurated the right bona vacantia with the duchy.

Northern Ireland

In Northern Ireland, bona vacantia is handled by the Crown Prince as a Financial Attorney's agent. The value of assets collected in Northern Ireland is separately identified in the annual report of HM Procurator General and Treasury Solicitor Accounts for Crown Candidates.

Scotland

In Scotland, bona vacantia deals with dismissed company assets, lost persons' assets and property lost or abandoned; Missing or abandoned property involves saving the law for the Crown in ss.67-79 of the Civil Government (Scotland) Act 1982. It is largely controlled by the Common Law with several laws dealing with specific matters such as lost possessions; This concept also extends to such things as Doctrine Treasures separated from ultimus haeres states that the assets of those who died without leaving no other person has the right to inherit the pass to the Crown. These two rights, together with treasures, are administered by Remembrancer Ratu and Lord Treasurer, an office held by the Crown Agent, a senior official in the Crown Office and Procurator of Fiscal Services (COPFS). Bona vacantia assets in Scotland are not combined with those from elsewhere in the UK, paid directly to the Scottish Consolidation Fund.

Crown Dependency

Guernsey

In Guernsey, the assets of the dissolved company may become bona vacantia under s.369 Company Law (Guernsey), as amended, and administered by Receiver-General (HM Procureur ).

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United States

The Bona vacantia is inherited from the Common Law of England and continues in the form of lost, wrong, and abandoned property, applied only to private property that has abandoned the possession of the owner, as opposed to the remaining legacy in intimacy after death. Intangible personal assets such as checks, account balances, and securities are under unclaimed property laws, varying by country. The states do not take permanent ownership, but act as the keeper of property forever in the interests of the rightful owner.

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See also

• Claims Conference, managing compensation funds and restoring unclaimed Jewish property
• Escheat
• Unknown property

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References

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External links

• Bona Vacantia
• Department of Lawyers Department of Finance
• Crown Office & amp; Proviser Fiscal Service

Source of the article : Wikipedia