Tuesday, 31 July 2012

Strawperson - From Wikipedia, the free encyclopedia

Original Article: "Strawperson" http://en.wikipedia.org/wiki/Strawperson
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A strawperson or straw man is a figure not intended to have a genuine beneficial interest in a property, to whom such property is nevertheless conveyed in order to facilitate a more complicated transaction at law.

The unity of time rule requires a joint tenancy be granted both parties at the same time. When the current owner of a property wishes to create a joint tenancy with another party, the grantor conveys the property to a strawperson (often a lawyer or the lawyer's secretary), who in turn creates a second deed conveying property to the original grantor and their desired joint tenant(s).

A strawperson at times is someone engaging in some other kind of transaction where the principal remains hidden or to do something else which is not allowed.

A straw person is also "a person of no means," or one who deliberately accepts a liability or other monetary responsibility without the resources to fulfill it, usually to shield another party.