Beneficial owner is a legal term where specific
property rights
The right to property, or the right to own property (cf. ownership) is often classified as a human right for natural persons regarding their possessions. A general recognition of a right to private property is found more rarely and is typically h ...
("use and title") in
equity
Equity may refer to:
Finance, accounting and ownership
*Equity (finance), ownership of assets that have liabilities attached to them
** Stock, equity based on original contributions of cash or other value to a business
** Home equity, the diff ...
belong to a person even though legal
title
A title is one or more words used before or after a person's name, in certain contexts. It may signify either generation, an official position, or a professional or academic qualification. In some languages, titles may be inserted between the f ...
of the property belongs to another person. Beneficial owner is subject to a state's statutory laws regulating interest or title transfer.
['']Black's Law Dictionary
''Black's Law Dictionary'' is the most frequently used legal dictionary in the United States. Henry Campbell Black (1860–1927) was the author of the first two editions of the dictionary.
History
The first edition was published in 1891 by West ...
'' (2nd Pocket ed. 2001 pg. 508) This often relates where the legal title
owner
Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...
has implied
trustee
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility to ...
duties to the beneficial owner. A common example of a beneficial owner is the real or true
owner
Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...
of funds held by a nominee bank.
Under
United States copyright law
The copyright law of the United States grants monopoly protection for "original works of authorship". With the stated purpose to promote art and culture, copyright law assigns a set of exclusive rights to authors: to make and sell copies of the ...
, an
author
An author is the writer of a book, article, play, mostly written work. A broader definition of the word "author" states:
"''An author is "the person who originated or gave existence to anything" and whose authorship determines responsibility f ...
may transfer some rights to the copyright owner (often an employer) while retaining a future "reversionary interest," such as that of copyright renewal. For example, "
e legal or beneficial owner of an exclusive right under a copyright . . . to institute an action for any infringement of that particular right committed while he or she is the official owmer of it."
See also
*
Beneficial ownership
*
Real party in interest
In law, the real party in interest is the one who actually possesses the substantive right being asserted and has a legal right to enforce the claim (under applicable substantive law). Additionally, the "real party in interest" must sue in his own ...
References
Property law
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