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In criminal law, misappropriation is the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a deceased person's estate or by any person with a responsibility to care for and protect another's assets (a fiduciary duty).
Other circuits have treated the misappropriation doctrine and preemption boundary similarly to the Second Circuit's line of cases. They require the state-law claim to be based on something significantly or "qualitatively" extra, beyond mere copying of the plaintiff's product or service to avoid preemption. [48]
The classic example of defalcation occurs when a trustee recklessly invests trust funds and loses the money. If the beneficiary wins a judgment against the trustee, and the trustee files for bankruptcy , the debt (the judgment) cannot be discharged in bankruptcy because the debt was the result of a defalcation.
In law, commingling is a breach of trust in which a fiduciary mixes funds held in care for 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.
The use of or intermeddling (a term usually applicable to estate law) with the property of another has often been held to constitute a conversion, whether the act is done by one who had no authority to use the property, or by one who has authority to use the property but uses it in an unauthorized way. Any unjustified exercise of dominion over ...
A Vatican tribunal on Wednesday defended its 2023 decision to convict a senior Catholic cardinal of misappropriation of funds, saying the prelate was "aware of all the steps" in a botched $200 ...
Under American common law, treasure trove belongs to the finder unless the original owner reclaims. Some states have rejected the American common law and hold that treasure trove belongs to the owner of the property in which the treasure trove was found. These courts reason that the American common law rule encourages trespass.
Embezzlement (from Anglo-Norman, from Old French besillier ("to torment, etc."), of unknown origin) [1] is a term commonly used for a type of financial crime, usually involving theft of money from a business or employer.