A beneficial interest is the right that a person has arising from a contract to which they are not a party, or a trust.[1] 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] More specifically, it could be:
- "A property interest that inures solely to the benefit of the owner", or
- Property that "remains of an estate after the payment of debts and the expenses of administration", or
- The right of a person having a power of appointment to appoint himself".[2]
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."[3][4] Examples of beneficial interests in mining claims include unrecorded deeds and agreements to share profits, but not mortgages and other liens.[5] 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".[4]
YouTube Encyclopedic
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Implied Co-Ownership (Beneficial Interest Under a Trust) | Ep. 4 - Land Law Crash Course (LLB)!
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How to Assign the Beneficial Interest in a Land Trust
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CALCULATING BENEFICIAL INTERESTS Converted
Transcription
See also
- Asset protection
- Beneficial owner
- Beneficial use
- Corporate benefit
- Lien
- Purpose trust
- Quistclose trust
- Resulting trust
- Use (law)
- Third-party beneficiary
- Trust (law)
References
- ^ Ashley, Clarence D. (1920). "Assignment of Contract". Yale Law Journal. 19 (3): 180–186. doi:10.2307/784570. JSTOR 784570.
- "Beneficial interest". Wex. Cornell Law School. - ^ a b Ballentine's Law Dictionary, p. 48 (Legal Assistant edition, 1994).
- ^ Ontario Government web site Archived June 22, 2007, at the Wayback Machine, citing Black's Law Dictionary, at p. (page needed).
- ^ a b "beneficial interest", Law Dictionary
- ^ Ontario Government web site Archived June 22, 2007, at the Wayback Machine
- Cf. definition of real property as including mortgages and other liens.
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This page was last edited on 20 October 2022, at 15:09