Search results
Results from the WOW.Com Content Network
Beneficial owners hold specific property rights ("use and title") in equity belong to a person even though legal title of the property belongs to another person. Beneficial owner is subject to a state's statutory laws regulating interest or title transfer. [2] This often relates where the legal title owner has implied trustee duties to the ...
For example, if A makes a contract with B that A will pay C a certain sum of money, B has the legal interest in the contract, and C the beneficial interest. More generally, a beneficial interest is any "interest of value, worth, or use in property one does not own", for example, "the interest that a beneficiary of a trust has in the trust". [2]
The legal owner would hold the land for the benefit of the original owner and would be compelled to convey it back to him when requested. The Crusader was the "beneficiary" and the acquaintance the "trustee". The term "use of land" was coined, and in time developed into what we now know as a trust.
What’s the difference between an irrevocable beneficiary and a primary beneficiary? A primary beneficiary is the person or entity first in line to receive the death benefit when the policyholder ...
A beneficial owner is any individual who owns or controls at least 25% of an organization, or directly or indirectly exercises substantial control in any of the following roles:
Some financial assets, like bank accounts and retirement portfolios, are designed to pass from one person to another. This designated recipient is known as a "beneficiary," meaning that you have ...
The beneficial interest results to the settlor, or if the settlor has died, to the settlor's estate. This concept is illustrated in the case of Vandervell v Inland Revenue Commissioners [1967], [ 3 ] where the beneficial interest vanishes while the beneficiary interest remains.
The policy owner, who is often the insured, chooses who the primary beneficiary or beneficiaries will be. These individuals receive the death benefit once a claim is filed and approved by the insurer.