What does misappropriation mean?
The misuse or intentional use of somebody else’s personal property or funds is called misappropriation. In most situations, this term is used to refer to a crime that is committed by someone with fiduciary duty. If people who have been given the duty of protecting another person’s property or funds misuse it, it may be called misappropriation. Answered below are some of the most common questions about misappropriation. What is the meaning of misappropriation of likeness?
When a person makes use of somebody else’s reputation for financial gains or benefits, it is called misappropriation of likeness. For instance, if a consultant uses his/her client’s name and reputation for marketing and advertising his/her services without the consent of the client, it may be considered a misappropriation of likeness. Is it possible to convict a trustee for improper execution of a will or trust?
If there has been misappropriation of funds from a family trust or a person’s will, it may be considered to be a serious crime of embezzlement. Misappropriation may have the most serious consequences in comparison to all other mistakes and offences committed by the trustee. If the trustee is proved to be guilty, then he/she may be convicted and prosecuted. Will it be considered misappropriation if the CEO of an LLC used a considerable amount of funds from the company to purchase a personal asset? The CEO returned the money to the company.
Even though the CEO of a company returns the money, if he/she deliberately uses the money for personal use, then it may be considered to be a violation of his/her fiduciary duty. The crime may be considered to be embezzlement and misappropriation of company funds. In such a scenario, the CEO can be held liable for any losses that the company may suffer. The other board members and shareholders of the company can take criminal action against the CEO. An individual’s parents were acting trustees of a trust fund till the individual turned 21 years of age. However, his/her parents are now denying him/her the funds due to a strain in the relationship. What can the individual do in such a situation?
The parents of the individual may be duty bound to follow the terms and conditions of the trust fund if they are the trustees. If they do not follow their duties, the individual may sue them in a civil court. He/she may request the court to terminate the parent’s rights as trustees. He/she may also ask the parents for a full accounting of the trust funds to rule out the chance of misappropriation. In case he/she finds out that there has been misappropriation of funds, he/she may also sue the parents for punitive damages. The individual can also request the court to dissolve the trust and transfer the funds to him/her. What action can a person take against employees who misappropriate funds when declaring travel expenses?
It may be considered misappropriation of funds if employees falsely declare travel expenses. The employer, in such a situation, may schedule an interview with the HR of the company and inform them about the evidence that he/she may have against the employee. He/she may then ask the employees to justify the expenses. If the explanation given by the employee is not convincing, the employer can ask him/her to repay the extra amount, suspend him/her or even terminate employment. It can be very stressful to deal with a situation where a person whom you trusted indulged in misappropriation of your funds and property. You should know what action you can take in such a situation. You may ask a lawyer if you have any questions about misappropriation or need more information regarding it.
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