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precatory |
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precatory adj. referring to a wish or advisory suggestion which does not have the force of a demand or a request which under the law must be obeyed. Thus "precatory words" in a will or trust would express a "hope that my daughter will keep the house in the family," but do not absolutely prevent her from selling it. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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In other words, the proposed regulations are not much more helpful than the precatory Do the Right Thing. The problem, of course, is there are no formal written constraints on this individual, sometimes called a precatory trustee, and other than the good faith assurances of the precatory trustee, the client has no way of knowing whether the disabled person will actually receive the benefit of the funds. Moreover, the fact that Laddcap previously put forward a precatory stockholder proposal to retain an investment banking firm -- which proposal was approved by 60% of the shares actually voted by Delcath's stockholders -- does not mean that the Board is compelled to sell or merge Delcath immediately or at any time in the future. |
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