CY PRES Meaning and
Definition
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Cy pres is a legal doctrine derived from French, meaning "as near as possible." It refers to a principle employed in charitable trusts and class action settlements, seeking to direct funds or benefits to an alternative recipient or purpose when the original intent or purpose becomes impracticable or impossible to achieve.
In the context of charitable trusts, cy pres allows a court to modify the terms of the trust when the specified purpose is no longer feasible or where circumstances have significantly changed. The court, in such cases, will substitute a similar charitable purpose that closely resembles the original intent, ensuring that the funds are not wasted and continue to benefit society.
In class action settlements, cy pres assists in distributing unclaimed or residual funds to charitable organizations or public interest causes when individual class members cannot be feasibly located or the distribution to them becomes impractical. This ensures that the funds do not merely revert back to the defendant but rather serve a public purpose.
Cy pres has been lauded for its ability to prevent unjust enrichment and enable funds to be put to productive use when the original charitable intent or individual distribution is not possible. However, it has also garnered criticism concerning transparency, potential conflicts of interest, and the adequacy of alternative recipients or purposes.
Overall, cy pres serves as a valuable legal tool in navigating the evolving landscape of charitable trusts and class action settlements, ensuring that the intentions and objectives of the original parties are advanced, even when circumstances necessitate modification.
Common Misspellings for CY PRES
- xy pres
- vy pres
- fy pres
- dy pres
- ct pres
- cg pres
- ch pres
- cu pres
- c7 pres
- c6 pres
- cy ores
- cy lres
- cy -res
- cy 0res
- cy pees
- cy pdes
- cy pfes
- cy ptes
- cy p5es
Etymology of CY PRES
The term "Cy Pres" comes from the Old French phrase "cy pres comme possible" meaning "as near as possible" or "as near as may be". The term originated from medieval English courts where it was used in the Latin phrase "cy pres comme res sera" meaning "as near as the thing can be" to refer to the court's objective of fulfilling the original intention or purpose as closely as possible when it becomes impossible or impracticable to carry out a bequest or a charitable trust in its original form. Over time, the phrase was Anglicized to "Cy Pres", and it became a legal doctrine used to modify or redirect charitable gifts or bequests when it is impossible or impractical to carry out the original intention.
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