Commingling


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Commingling

Combining things into one body.

The term commingling is most often applied to funds or assets. When a fiduciary, a person entrusted with the management of funds other than his or her own in trust, mixes trust money with that of others, the fiduciary is commingling funds and thereby breaching his or her fiduciary duty.

A member of a corporation's board of directors commingles funds when he or she mixes personal funds with the funds of the corporation. An attorney who commingles his or her money with money belonging to a client is violating the ethics of the legal profession.

commingling

n. the act of mixing the funds belonging to one party with those of another party, or, most importantly with funds held in trust for a another. Spouses or business partners may commingle without a problem, except that a spouse may thus risk turning separate property into community property (transmutation), and a business partner may have to account to the other. However, trustees, guardians, or lawyers holding client funds, must be careful not to commingle those funds with his/her own, since commingling is generally prohibited as a conflict of interest. Use of commingled funds for an investment, even though it benefits both the trustee and the beneficiary, is still improper. Inadvertent commingling or temporary commingling (say, upon receipt of a settlement check in which both the client and attorney have an interest) require prompt separation of funds and accounting to the client or beneficiary. To avoid commingling, trustees, lawyers, guardians and those responsible for another's funds set up trust accounts for funds of another.

References in periodicals archive ?
The re-assessment of commingling risk is captured in the updated Structured Finance and Covered Bonds Counterparty Criteria (dated 1 August 2018 at www.fitchratings.com).
* The Tracing Approach--Before 2008, Florida opinions relating to commingling appear to favor this approach when nonmarital funds were deposited into a jointly titled account.
Commingling - also known as single-stream recycling - solved some other problems as well.
Whole Foods Markets in other counties as well as independent retailers and farmers' markets have been cited by agricultural inspectors in the past for the commingling violation, but this is the first time a stiff fine has been imposed.
Commingling was first performed on the Killion extruder, to establish the relative differences among the commingled virgin and post-industrial samples.
example discussed in that column was the inappropriate commingling
Invited participants presented on several projects, reviewed existing methods of commingling, demonstrated new approaches, and outlined unforeseen challenges to their particular situations.
On 13 September 2018, the parties signed an amendment agreement whereby, on the interest payment date of 25 September 2018, the target amount of each of the cash reserve, the liquidity reserve and the commingling reserve will be lowered, and the resulting excess amount released and used to partially redeem the unrated class J notes.
Ana said the Ombudsman erred in holding them guilty in allegedly allowing the commingling of the bill deposit with the capital or operation cost of Meralco despite its finding that they are not criminally liable for estafa.
David Blais, executive vice president of global procurement and platform strategy for Quad/Graphics, stated in the letter, In recent years, Quad/Graphics has invested heavily in our (direct marketing) platform with additional presses, inkjet technology and commingling capacity.
To accommodate the change in processing, hauler Valley Waste Management began modifying its recycling carts to allow for the commingling of recyclables.
(Several works have a deliberately unfinished feel, as if completion would expose them to complicity with commerce.) Components hang together uneasily: Diagonally placed cardboard-box pieces and the crawl spaces they create look like they might protect a skid-row sleeper; blue landmasses float Gondwanaland-like against dull gray "seas" on large maplike canvases; a little, leaning wood panel painted a lusterless orange and sky blue looks like Kara Walker's silhouettes, digits seemingly reaching upward in an ambiguous gesture commingling hope, degradation, and despair.