Beneficial interest

A beneficial interest is "that right which a person has in a contract made with another" (third) person. [1] The typical example is "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." [2]

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." [3] More specifically, it could be:

Black's Law Dictionary defines beneficial interest as "Profit, benefit or advantage resulting from a contract, or the ownership of an estate as distinct from the legal ownership or control." [5] [6] Examples of beneficial interests in mining claims include unrecorded deeds and agreements to share profits, but not mortgages and other liens.[7] [8] A beneficial interest is also "distinguished from the rights of someone like a trustee or official who has responsibility to perform and/or title to the assets but does not share in the benefits." [9]

References

  1. ↑ The 'Lectric Law Library's Lexicon
  2. ↑ Id., The 'Lectric Law Library's Lexicon
  3. ↑ Ballentine's Law Dictionary, p. 48 (Legal Assistant edition, 1994).
  4. ↑ Id., Ballentine's Law Dictionary, at 48.
  5. ↑ Ontario Government web site Archived June 22, 2007, at the Wayback Machine., citing Black's Law Dictionary, at p. (page needed).
  6. ↑ Law Dictionary, same.
  7. ↑ Ontario Government web site Archived June 22, 2007, at the Wayback Machine.
  8. ↑ Cf. definition of real property as including mortgages and other liens.
  9. ↑ Law Dictionary.

See also

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