Finally, Friedman seeks to collect whatever Wang owes him from property in Revere, Massachusetts, that is held in trust by Gerald Shulman as trustee of the Franke Ave Realty Trust; Friedman claims that the transfer of the property from ICCC to the trust was a fraudulent conveyance that should be rescinded, and seeks to reach and apply Wang's alleged equitable interest in the property against the sums that Wang owes to Friedman.
Any new issuance by BBUK PLC under the covered bond programme will remain guaranteed by Barclays Covered Bonds LLP, the special purpose vehicle that owns the beneficial equitable interest in the mortgage loans in the cover pool.
It further identifies a bare trust a "which has a single beneficiary" a as one in which "the beneficiary has an identifiable, equitable interest in some property." The response states that the case against Imran "involves a bare trust."
It further identifies a bare trust 'which has a single beneficiary' as one in which 'the beneficiary has an identifiable, equitable interest in some property.' The response states that the case against Imran 'involves a bare trust.'