Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order initiated by the debtor. Bankruptcy is not the only legal status that an insolvent person may have, the term bankruptcy is therefore not a synonym for insolvency. In some countries, such as the United Kingdom, bankruptcy is limited to individuals. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute is used for cases of fraudulent bankruptcy, whereas the term faillite is used for bankruptcy in accordance with the law; the word bankruptcy is derived from Italian banca rotta, meaning "broken bench", which may stem from a widespread custom in the Republic of Genoa of breaking a moneychanger's bench or counter to signify their insolvency, or which may be only a figure of speech. In Ancient Greece, bankruptcy did not exist.
If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery", until the creditor recouped losses through their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years. However, servants of the debtor could be retained beyond that deadline by the creditor and were forced to serve their new lord for a lifetime under harsher conditions. An exception to this rule was Athens; the Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency. Bankruptcy is documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times. A failure of a nation to meet bond repayments has been seen on many occasions. Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior to 1800, we catalog the various defaults of France, Prussia and the early Italian city-states.
At the edge of Europe, Egypt and Turkey have histories of chronic default as well." The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the elimination of insolvent entities, but on the remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of the business. For private households, some argue that it is insufficient to dismiss debts after a certain period, it is important to assess the underlying problems and to minimize the risk of financial distress to re-occur. It has been stressed that debt advice, a supervised rehabilitation period, financial education and social help to find sources of income and to improve the management of household expenditures must be provided during this period of rehabilitation. In most EU Member States, debt discharge is conditioned by a partial payment obligation and by a number of requirements concerning the debtor's behavior.
In the United States, discharge is conditioned to a lesser extent. The spectrum is broad in the EU, with the UK coming closest to the US system; the Other Member States do not provide the option of a debt discharge. Spain, for example, passed a bankruptcy law in 2003 which provides for debt settlement plans that can result in a reduction of the debt or an extension of the payment period of maximally five years, but it does not foresee debt discharge. In the US, it is difficult to discharge federal or federally guaranteed student loan debt by filing bankruptcy. Unlike most other debts, those student loans may be discharged only if the person seeking discharge establishes specific grounds for discharge under the Brunner test, under which the court evaluates three factors: If required to repay the loan, the borrower cannot maintain a minimal standard of living. If a debtor proves all three elements, a court may permit only a partial discharge of the student loan. Student loan borrowers may benefit from restructuring their payments through a Chapter 13 bankruptcy repayment plan, but few qualify for discharge of part or all of their student loan debt.
Bankruptcy fraud is a white-collar crime. While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, fee fixing or redistribution arrangements. Falsifications on bankruptcy forms constitute perjury. Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In the U. S. bankruptcy fraud statutes are focused on the mental state of particular actions. Bankruptcy fraud is a federal crime in the United States. Bankruptcy fraud should be distinguished from strategic bankruptcy, not a criminal act since it creates a real bankruptcy state. Howeve
In English common law, real property, real estate, realty, or immovable property is land, the property of some person and all structures integrated with or affixed to the land, including crops, machinery, dams, mines and roads, among other things. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property was, continues to be, all property, not real property. In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls real property "heritable property", in French-based law, it is called immobilier; the word "real" derives from Latin res, used in Middle English to mean "relating to things real property". In common law, real property was property that could be protected by some form of real action, in contrast to personal property, where a plaintiff would have to resort to another form of action.
As a result of this formalist approach, some things the common law deems to be land would not be classified as such by most modern legal systems, for example an advowson was real property. By contrast the rights of a leaseholder originate in personal actions and so the common law treated a leasehold as part of personal property; the law now broadly distinguishes between real personal property. The conceptual difference was between immovable property, which would transfer title along with the land, movable property, which a person would retain title to. In modern legal systems derived from English common law, classification of property as real or personal may vary somewhat according to jurisdiction or within jurisdictions, according to purpose, as in defining whether and how the property may be taxed. Bethell contains much historical information on the historical evolution of real property and property rights. To be of any value a claim to any property must be accompanied by a verifiable and legal property description.
Such a description makes use of natural or manmade boundaries such as seacoasts, streams, the crests of ridges, highways and railroad tracks or purpose-built markers such as cairns, surveyor's posts, official government surveying marks, so forth. In many cases, a description refers to one or more lots on a plat, a map of property boundaries kept in public records; the law recognizes different sorts of interests, called estates, in real property. The type of estate is determined by the language of the deed, bill of sale, land grant, etc. through which the estate was acquired. Estates are distinguished by the varying property rights that vest in each, that determine the duration and transferability of the various estates. A party enjoying an estate is called a "tenant"; some important types of estates in land include: Fee simple: An estate of indefinite duration, that can be transferred. The most common and most absolute type of estate, under which the tenant enjoys the greatest discretion over the disposal of the property.
Conditional Fee simple: An estate lasting forever as long as one or more conditions stipulated by the deed's grantor does not occur. If such a condition does occur, the property reverts to the grantor, or a remainder interest is passed on to a third party. Fee tail: An estate which, upon the death of the tenant, is transferred to his or her heirs. Life estate: An estate lasting for the natural life of the grantee, called a "life tenant". If a life estate can be sold, a sale does not change its duration, limited by the natural life of the original grantee. A life estate pur; such an estate may arise if the original life tenant sells her life estate to another, or if the life estate is granted pur autre vie. Leasehold: An estate of limited term, as set out in a contract, called a lease, between the party granted the leasehold, called the lessee, another party, called the lessor, having a longer estate in the property. For example, an apartment-dweller with a one-year lease has a leasehold estate in her apartment.
Lessees agree to pay a stated rent to the lessor. Though a leasehold relates to real property, the leasehold interest is classified as personal property. A tenant enjoying an undivided estate in some property after the termination of some estate of limited term, is said to have a "future interest". Two important types of future interests are: Reversion: A reversion arises when a tenant grants an estate of lesser maximum term than his own. Ownership of the land returns to the original tenant; the original tenant's future interest is a reversion. Remainder: A remainder arises when a tenant with a fee simple grants someone a life estate or conditional fee simple, specifies a third party to whom the land goes when the life estate ends or the condition occurs; the third party is said to have a remainder. The third party may have a legal right to limit the life tenant's use of the land. Estates may be held jointly as joint tenants as tenants in common; the difference in these two types of joint ownership of an estate in land is the inheritability of the estate and the shares of interest that each tenant owns.
In a joint tenancy with rights of survivorshi
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender, or other lienholder, obtains a termination of a mortgage borrower's equitable right of redemption, either by court order or by operation of law. A lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. Therefore, through the process of foreclosure, the lender seeks to terminate the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowner association dues or assessments.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". The violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property; when the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, it is said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause and if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment. In many states in the United States, items included to calculate the amount of a deficiency judgment include the loan principal, accrued interest and attorney fees less the amount the lender bid at the foreclosure sale.
The mortgage holder can initiate foreclosure at a time specified in the mortgage documents some period of time after a default condition occurs. In the United States and many other countries, several types of foreclosure exist. In the US for example, two of them – namely, by judicial sale and by power of sale – are used, but other modes are possible in a few other U. S. states. Foreclosure is by judicial sale called judicial foreclosure, involves the sale of the mortgaged property under the supervision of a court; the proceeds go first to satisfy the mortgage other lien holders, the mortgagor/borrower if any proceeds are left. Judicial foreclosure is available in every US state and required in many; the lender initiates judicial foreclosure by filing a lawsuit against the borrower. As with all other legal actions, all parties must be notified of the foreclosure, but notification requirements vary from state to state in the US. A judicial decision is announced after the exchange of pleadings at a hearing in a state or local court in the US In some rather rare instances, foreclosures are filed in US federal courts.
Foreclosure by power of sale called nonjudicial foreclosure, is authorized by many states if a power of sale clause is included in the mortgage or if a deed of trust with such a clause was used, instead of an actual mortgage. In some US states, like California and Texas, nearly all so-called mortgages are deeds of trust; this process involves the sale of the property by the mortgage holder without court supervision. This process is much faster and cheaper than foreclosure by judicial sale; as in judicial sale, the mortgage holder and other lien holders are first and second claimants to the proceeds from the sale. Other types of foreclosure are considered minor because of their limited availability. Under strict foreclosure, available in a few states including Connecticut, New Hampshire and Vermont, if the mortgagee wins the court case, the court orders the defaulted mortgagor to pay the mortgage within a specified period of time. Should the mortgagor fail to do so, the mortgage holder gains the title to the property with no obligation to sell it.
This type of foreclosure is available only when the value of the property is less than the debt. Strict foreclosure was the original method of foreclosure. Acceleration is a clause, found in Sections 16, 17, or 18 of a typical mortgage in the US. Not all accelerations are the same for each mortgage, as it depends on the terms and conditions between lender and obligated mortgagor; when a term in the mortgage has been broken, the acceleration clause goes into effect. It can declare the entire payable debt to the lender if the borrower were to transfer the title at a future date to a purchaser; the clause in the mortgage instructs that a notice of acceleration must be served to the obligated mortgagor who signed the Note. Each mortgage gives a time period for the debtor to cure their loan; the most common time periods allot to debtor is 30 days, but for commercial property it can be 10 days. The notice of acceleration is called a Demand and/or Breach Letter. In the letter it informs the Borrower that they have 10 or 30 days from the date on the letter to reinstate their loan.
Demand/Breach letters are sent out by Certified and Regular mail to all notable ad
Bad faith is double mindedness or double heartedness in duplicity, fraud, or deception. It may involve intentional deceit of self-deception; the expression "bad faith" is associated with "double heartedness", translated as "double mindedness". A bad faith belief may be formed through self-deception, being double minded, or "of two minds", associated with faith, belief and loyalty. In the 1913 Webster's Dictionary, bad faith was equated with being double hearted, "of two hearts", or "a sustained form of deception which consists in entertaining or pretending to entertain one set of feelings, acting as if influenced by another"; the concept is similar to perfidy, or being "without faith", in which deception is achieved when one side in a conflict promises to act in good faith with the intention of breaking that promise once the enemy has exposed himself. After Jean-Paul Sartre's analysis of the concepts of self-deception and bad faith, bad faith has been examined in specialized fields as it pertains to self-deception as two semi-independently acting minds within one mind, with one deceiving the other.
Some examples of bad faith include: a company representative who negotiates with union workers while having no intent of compromising. Bad faith may be viewed in some cases to not involve deception, as in some kinds of hypochondria with actual physical manifestations. There is a question about the falsity of statements made in bad faith self-deception. Bad faith has been used as a term of art in diverse areas involving feminism, racial supremacism, political negotiation, insurance claims processing, ethics, climate change denial, the law. In ordinary usage, bad faith is equated with being of "two hearts", or "a sustained form of deception which consists in entertaining or pretending to entertain one set of feelings, acting as if influenced by another", is synonymous with double mindedness, with disloyalty, double dealing, infidelity, breach of contract, pharisaism, affectation and lip service. People may hold beliefs in their minds though they are directly contradicted by facts; these are beliefs held in bad faith.
But there is debate as to. In his book Being and Nothingness, the philosopher Jean-Paul Sartre defined bad faith as hiding the truth from oneself; the fundamental question about bad faith self-deception is. In order for a liar to lie to the victim of the lie, the liar must know that what is being said is false. In order to be successful at lying, the victim must believe the lie to be true; when a person is in bad faith self-deception, the person is the victim of the lie. So at the same time the liar, as liar, believes the lie to be false, as victim believes it to be true. So there is a contradiction in that a person in bad faith self-deception believes something to be true and false at the same time. Sartre observed that "the one to whom the lie is told and the one who lies are one and the same person, which means that I must know the truth in my capacity as deceiver, though it is hidden from me in my capacity as the one deceived", adding that "I must know that truth precisely, in order to hide it from myself the more carefully—and this not at two different moments of temporality..."
Various commentators and translators have discussed being of two beliefs or faiths in being double hearted or double minded. Webster's Dictionary equates bad faith with "being of two hearts". "Double hearted" is translated as "double minded", or "of two hearts" or "of two minds" or souls, two beliefs, two attitudes, two loyalties, two thinkings, two beliefs, or being as two souls at the same time. The Hebrew Bible and the New Testament Epistles admonish religious believers not to be double minded. In Psalms 119:113, one translation is "I hate double-minded men, but I love your law." The New Living Translation emphasises divided loyalty translating the passage as "I hate those with divided loyalties, but I love your instructions."The Epistle of James warns against trusting a person that "perpetually disagrees with himself". "Taking the Lord's name in vain", bad faith justifies actions known to be wrong by claiming a direction from God or religious authority to take unethical positions or untrue beliefs, when a person should know otherwise.
Commenting on double mindedness in James 1 and its relation to hypocrisy in Matthew 6:22, Jamieson-Fausset-Brown Bible Commentary says "double-minded-literally,'double-souled', the one soul directed towards God, the other to something else... It is not a hypocrite, meant, but a fickle,'wavering' man, as the context shows". Alford's translation of the Bible uses the ancient Greek literature's "waverer" to express "double minded". In James 1:8, it denotes instability of a cognitive attitude, "he is a double-minded man, unstable in attitude". In the God's Word Translation, "a person who has doubts is thinking about two different things at the same time and can't make up his mind about anything". Young's Literal Translation translates this as being "two souled". In Clarke's Commentary on the Bible, a double-minded man is one of two souls in that one is for earth, the o
A deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and, signed, delivered, in some jurisdictions, sealed. It is associated with transferring title to property; the deed has a greater presumption of validity and is less rebuttable than an instrument signed by the party to the deed. A deed can be bilateral. Deeds include conveyances, licenses, patents and conditionally powers of attorney if executed as deeds; the deed is the modern descendant of the medieval charter, delivery is thought to symbolically replace the ancient ceremony of livery of seisin. The traditional phrase signed and delivered refers to the practice of seals. Agreements under seal are called contracts by deed or specialty. In some jurisdictions, specialties have a liability limitation period of double that of a simple contract and allow for a third party beneficiary to enforce an undertaking in the deed, thereby overcoming the doctrine of privity. Specialties, as a form of contract, are bilateral and can therefore be distinguished from covenants, being under seal, are unilateral promises.
At common law, to be valid and enforceable, a deed must meet several requirements: It must state on its face that it is a deed, using wording like "This Deed..." or "executed as a deed". It must indicate that the instrument itself conveys some thing to someone; the grantor must have the legal ability to grant the thing or privilege, the grantee must have the legal capacity to receive it. It must be executed by the grantor in presence of the prescribed number of witnesses, known as instrumentary witnesses. In some jurisdictions, a seal must be affixed to it. Affixing seals made persons parties to the deed and signatures optional, but seals are now outdated in most jurisdictions, so the signatures of the grantor and witnesses are primary, it must be delivered to and, in some jurisdictions, accepted by the grantee. Conditions attached to the acceptance of a deed are known as covenants. A deed indented or indenture is one executed in two or more parts according to the number of parties, which were separated by cutting in a curved or indented line known as the chirograph.
A deed poll is one executed in one part, by one party, having the edge polled or cut and includes simple grants and appointments. In the transfer of real estate, a deed conveys ownership from the old owner to the new owner, can include various warranties; the precise name and nature of these warranties differ by jurisdiction. However, the basic differences between them is the degree to which the grantor warrants the title; the grantor may give a general warranty of title against any claims, or the warranty may be limited to only claims which occurred after the grantor obtained the real estate. The latter type of deed is known as a special warranty deed. While a general warranty deed was used for residential real estate sales and transfers, special warranty deeds are becoming more common and are more used in commercial transactions. A third type of deed, known as a bargain and sale deed, implies that the grantor has the right to convey title but makes no warranties against encumbrances; this type of deed is most used by court officials or fiduciaries that hold the property by force of law rather than title, such as properties seized for unpaid taxes and sold at sheriff's sale, or an executor.
A so-called quitclaim deed is not a deed at all—it is an estoppel disclaiming rights of the person signing it to property. In some jurisdictions, a deed of trust is used as an alternative to a mortgage. A deed of trust is not used to transfer property directly, it is used in some states — California, for example — to transfer title to land to a “trustee” a trust or title company, which holds the title as security for a loan. When the loan is paid off, title is transferred to the borrower by recording a release of the obligation, the trustee's contingent ownership is extinguished. Otherwise, upon default, the trustee will liquidate the property with a new deed and offset the lender's loss with the proceeds. Deed of arrangement – document setting out an arrangement for a debtor to pay part or all outstanding debts, as an alternative to bankruptcy. Deed of assignment – document in which a debtor appoints a trustee to take charge of property to pay debts or wholly, as an alternative to bankruptcy.
Sanad spelt as sunnud, was a deed granted to the rulers of native princely states in British India confirming them in their ruling position in return for their allegiance to the British Raj. Since the extinction of the royal bloodline would be a ground for annexation of a principality by the British, some rulers were granted sanads of adoption. Devised as a reward for loyalty to British rule in India after the Indian rebellion of 1857, such deeds gave a ruler the right to adopt chosen heirs from local noble families in case of lack of direct issue. Among the rulers that were given sanads of adoption, Takht Singh, Jaswant Singh of Bharatpur, as well as the rulers of Nagod State, Samthar State and the Chaube Jagirs are worth mentioning; the main clauses of a deed of conveyance are: Premises Parties clause – sets out the names and descriptions of parties Recitals – narrates in chronol
New York (state)
New York is a state in the Northeastern United States. New York was one of the original thirteen colonies. With an estimated 19.54 million residents in 2018, it is the fourth most populous state. To distinguish the state from the city with the same name, it is sometimes called New York State; the state's most populous city, New York City, makes up over 40% of the state's population. Two-thirds of the state's population lives in the New York metropolitan area, nearly 40% lives on Long Island; the state and city were both named for the 17th century Duke of York, the future King James II of England. With an estimated population of 8.62 million in 2017, New York City is the most populous city in the United States and the premier gateway for legal immigration to the United States. The New York metropolitan area is one of the most populous in the world. New York City is a global city, home to the United Nations Headquarters and has been described as the cultural and media capital of the world, as well as the world's most economically powerful city.
The next four most populous cities in the state are Buffalo, Rochester and Syracuse, while the state capital is Albany. The 27th largest U. S. state in land area, New York has a diverse geography. The state is bordered by New Jersey and Pennsylvania to the south and Connecticut and Vermont to the east; the state has a maritime border with Rhode Island, east of Long Island, as well as an international border with the Canadian provinces of Quebec to the north and Ontario to the northwest. The southern part of the state is in the Atlantic coastal plain and includes Long Island and several smaller associated islands, as well as New York City and the lower Hudson River Valley; the large Upstate New York region comprises several ranges of the wider Appalachian Mountains, the Adirondack Mountains in the Northeastern lobe of the state. Two major river valleys – the north-south Hudson River Valley and the east-west Mohawk River Valley – bisect these more mountainous regions. Western New York is considered part of the Great Lakes region and borders Lake Ontario, Lake Erie, Niagara Falls.
The central part of the state is dominated by the Finger Lakes, a popular vacation and tourist destination. New York had been inhabited by tribes of Algonquian and Iroquoian-speaking Native Americans for several hundred years by the time the earliest Europeans came to New York. French colonists and Jesuit missionaries arrived southward from Montreal for trade and proselytizing. In 1609, the region was visited by Henry Hudson sailing for the Dutch East India Company; the Dutch built Fort Nassau in 1614 at the confluence of the Hudson and Mohawk rivers, where the present-day capital of Albany developed. The Dutch soon settled New Amsterdam and parts of the Hudson Valley, establishing the multicultural colony of New Netherland, a center of trade and immigration. England seized the colony from the Dutch in 1664. During the American Revolutionary War, a group of colonists of the Province of New York attempted to take control of the British colony and succeeded in establishing independence. In the 19th century, New York's development of access to the interior beginning with the Erie Canal, gave it incomparable advantages over other regions of the U.
S. built its political and cultural ascendancy. Many landmarks in New York are well known, including four of the world's ten most-visited tourist attractions in 2013: Times Square, Central Park, Niagara Falls, Grand Central Terminal. New York is home to the Statue of Liberty, a symbol of the United States and its ideals of freedom and opportunity. In the 21st century, New York has emerged as a global node of creativity and entrepreneurship, social tolerance, environmental sustainability. New York's higher education network comprises 200 colleges and universities, including Columbia University, Cornell University, New York University, the United States Military Academy, the United States Merchant Marine Academy, University of Rochester, Rensselaer Polytechnic Institute, Rockefeller University, which have been ranked among the top 40 in the nation and world; the tribes in what is now New York were predominantly Algonquian. Long Island was divided in half between the Wampanoag and Lenape; the Lenape controlled most of the region surrounding New York Harbor.
North of the Lenape was the Mohicans. Starting north of them, from east to west, were three Iroquoian nations: the Mohawk, the original Iroquois and the Petun. South of them, divided along Appalachia, were the Susquehannock and the Erie. Many of the Wampanoag and Mohican peoples were caught up in King Philip's War, a joint effort of many New England tribes to push Europeans off their land. After the death of their leader, Chief Philip Metacomet, most of those peoples fled inland, splitting into the Abenaki and the Schaghticoke. Many of the Mohicans remained in the region until the 1800s, however, a small group known as the Ouabano migrated southwest into West Virginia at an earlier time, they may have merged with the Shawnee. The Mohawk and Susquehannock were the most militaristic. Trying to corner trade with the Europeans, they targeted other tribes; the Mohawk were known for refusing white settlement on their land and banishing any of their people who converted to Christianity. They posed a major threat to the Abenaki and Mohicans, while the Susquehannock conquered the Lenape in the 1600s.
The most devastating event of the century, was the Beaver Wars. From 1640–1680, Iroquoian peoples waged campaigns which extended from modern-day Michigan to Virginia against Algonquian and Siouan tribes, as well as each other; the ai
Metal theft is "the theft of items for the value of their constituent metals". It increases when worldwide prices for scrap metal rise, as has happened due to rapid industrialization in India and China. Apart from precious metals like gold and silver, the metals most stolen are non-ferrous metals such as copper, aluminium and bronze; however cast iron and steel are seeing higher rates of theft due to increased scrap metal prices. One defining characteristic of metal theft is the motivation. Whereas other items are stolen for their extrinsic value, items involved in metal theft are stolen for their intrinsic value as raw material or commodities. Thefts have negative consequences much greater than the value of the metal stolen, such as the destruction of valuable statues, power interruptions, the disruption of railway traffic. Scrap metal has drastically increased in price over recent years. In 2001, ferrous scrap sold for $77 a ton, increasing to $300/ton by 2004. In 2008, it hit nearly $500/ton.
Some elected officials and law enforcement officials have concluded that many metal thefts are by drug addicts stealing metal in order to fund their addictions. Some officials believe that many of these drug-related metal thefts are caused by methamphetamine users. Another explanation for the phenomenon is the unusually high price of non-ferrous metals coupled with elevated levels of unemployment. Regardless of the reason, the industrialization of developing nations helps to increase the demand for scrap metal. In the fourth quarter of 2008, world market prices for metals like copper and platinum dropped steeply. Although there is anecdotal evidence that this price decrease has led to fewer metal thefts, strong empirical research on the exact nature of the relationship between commodity prices and metal thefts is still lacking; some have argued that the "genie is out of the bottle" now and drops in commodity prices will not result in corresponding drops in thefts. In fact, it is possible that thefts may increase to compensate for the loss in value.
As of December 2014 according to The National Insurance Crime Bureau the number of insurance claims for metal theft has been decreasing in the U. S because of dropping scrap metal prices; as of 2014 in the United States alone, metal theft costs the US economy $1 billion annually, according to Department of Energy estimates. As of 2008 It was estimated that South Africa lost 5 billion Rand annually due to metal theft; as of 2008 metal theft was the fastest growing crime in the UK with the annual damage to industry estimated at £360m. Thieves cause damage far in excess of the value they recover by selling stolen metal as scrap. For example, thieves who strip copper plumbing and electrical wiring from houses render the residences uninhabitable without expensive, time-consuming repairs. Requiring scrap metal buyers to record the photo IDs of scrap metal sellers, record scrap metal transactions may reduce the rate of metal theft. Paying scrap metal sellers by check rather than cash may reduce the rate of metal theft.
Utility companies who are the targets of metal theft can electroplate coding on to copper wire, which can positively identify the wire as stolen if the insulation is burned off. Anything made of metal has value as scrap metal, can be stolen: Manhole covers Copper wiring, or copper pipes from houses or other buildings Utility company wiring and transformers Aluminum or stainless steel beer kegs Bronze or brass statues or monuments Catalytic converters from motor vehicles Air conditioner units Rails In Australia in 2008, 8 tonnes of copper wiring, believed to be stolen from a variety of locations including rail tracks, power stations and scrap metal depots, was seized on its way to the Asian black market. In November 2011 a person tried to hand-saw a hot electrical line in a subway tunnel in Vienna. A fire arose; the thief was hurt. In November 2015 a man burnt to death in Vienna in an empty building, one which had a 100 kV cable that went through the basement; the police assumed that they had been attempting to steal copper.
In May 2013 the Westbahn near Amstetten had to be closed for safety reasons. In July 2013 in Lower Austria 160 metres of copper wire worth less than €1,000 was stolen from a railway transformer station; the damage to the railways electronics cost €140,000. In May 2016, police caught several people that had stolen several tons of copper wire from a substation and caused 400,000 € worth of damage in Lower Austria. In Quebec, during May 2006, thieves stole sections of copper roofing and wiring from four Quebec city churches, two being St. Charles de Limoilou and St. Francois d'Assise; the thieves were discovered in action on whereupon they fled. High copper prices are believed to be the reason for the thefts. Repairs were expected to cost more than $40,000. In October 2010, a 300-pound bronze bell was stolen in Nova Scotia. Thieves removed the bell from a monument in Roseway Cemetery; the bell was part of the Roseway United Memorial Church, built in 1912, until it was demolished in 1993. It was recovered in a Halifax-area scrapyard October 6, 2010.
In September 2011, Ontario, experienced a four-hour power outage north of the city when thieves stole power transmission wires. 327 bronze markers stolen from Theresienstadt concentration camp cemetery in mid-April 2008, with 700 more stolen the next week. A scrap metal deal