In Scots law, the term “Nummi pupillares” is used to describe money belonging to a pupil, or a child who is not yet capable of managing it independently.
Nummi pupillares, a Latin term utilised in Scots law, pertains to money that is owned by a pupil. In the event that a child inherits money from a deceased parent, it is classified as nummi pupillares and is overseen by a guardian until the child reaches adulthood. Similarly, if a child earns money from employment or receives a settlement in a legal matter, that money is also considered nummi pupillares and is managed by a guardian until the child is capable of independently handling it. These instances exemplify how nummi pupillares serves to safeguard the financial interests of children who are not yet capable of managing their own finances.
Nummi Pupillares refers to the funds or assets held in trust for a minor child.
Nummi Pupillares are typically managed by a legal guardian or trustee appointed by the court to act in the best interest of the minor child.
If the legal guardian or trustee is unable to fulfill their duties, the court may appoint a new guardian or trustee to manage the Nummi Pupillares.
Yes, Nummi Pupillares can be used for the benefit of the minor child, such as for their education, healthcare, and living expenses.
There may be restrictions on how Nummi Pupillares can be used, and any major decisions regarding the use of the funds may require court approval.
In some cases, the parents of the minor child may be able to access Nummi Pupillares for the benefit of the child, but this will depend on the specific circumstances and court approval.
When the minor child reaches the age of majority, they may gain control of the Nummi Pupillares, depending on the terms of the trust and the laws in the jurisdiction.
Transferring Nummi Pupillares to another person or entity may require court approval and must be done in the best interest of the minor child.
The legal guardian or trustee managing Nummi Pupillares has a fiduciary duty to act in the best interest of the minor child and to manage the funds prudently.
If you have questions or concerns about Nummi Pupillares, it is important to consult with a qualified attorney who can provide guidance and advice based on the specific circumstances.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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