Commingling

(redirected from commingle)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia, Wikipedia.

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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
UBM has been in the commingle industry for more than 30 years.
'Indeed, as the debtor of the money used for bill deposit, MERALCO is allowed to use it or commingle it with its other funds because when ownership over a thing is transferred, the owner has all the rights to enjoy or dispose it,' they added.
CoMMingle will audit any company's online social media presence by using certain comprehensive guidelines.
I read the Pro-MDP report (March) first, so the "commingling" metaphor occurred to me long before I read the Con-MDP one, as did the thought that the Pro's underlying philosophy was the "end of history" economic determinism driving similar efforts to commingle the banking, securities, and insurance businesses.
"Irrespective of where I put them, they go in and they commingle," says Morrison.
Although these cases had bad facts, they can still serve as a reminder not to commingle assets, improperly plan distributions or personally use FLP property.
His work does not seem caught up in neo-expressionist tendencies nor in the abundance of cutely exuberant cartooning in contemporary painting; rather, it feels born of a deep curiosity about what happens when straight-up painterly and representational concerns commingle.
Foundries have two options to deliver high-quality material: either segregate byproduct streams internally and process them for market, or commingle them and process later.