Beneficiary – someone who is designated to receive something as a result of a legal arrangement or instrument

     This page is continued from Fiduciary Relationships >>>> Fiduciary >>>> Settlor/Trustee/Beneficiary Relationship:

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beneficiary:
n. (17c.)

1. Someone who is designated to receive the advantages from an action or change; especially one designated to benefit from an appointment, disposition, or assignment (as in a will, insurance policy, etc.) or to receive something as a result of a legal arrangement or instrument.  

2. A person to whom another is in a fiduciary relation, whether the relation is one of agency, guardianship, or trust, especially a person for whose benefit property is held in trust.  

3. Someone who is initially entitled to enforce a promise, whether that person is the promisee or a third party.  

4. Someone who is entitled under a letter of credit to draw or demand payment.  

5. Someone designated to receive money or property from a person who has died. beneficiary, adj. [1]

1. A person who receives a benefit or advantage.  State v Willett, 17 Ind 296, 86 NE 68; a person receiving or entitled to receive a gift, a device, or legacy; a cestui que trust; a person who is entitled to receive or who is receiving profit, benefit, or advantage from a contract or from an estate; one entitled by the terms of a life insurance policy to receive the proceeds of the policy upon the death of the insured.  29A Am J Rev ed Ins § 1631.; a person named by statute as entitled to the proceeds, or a share of the proceeds, of a statutory action, such as an action for wrongful death.  22 Am J2d Dth §§ 47-59. [2]

1. A person who receives a benefit.

2. A person who has inherited or is entitled to inherit under a will.

3. A person for whom property is held in trust.

4. A person who is entitled to the proceeds of a life insurance policy when the insured dies.

5. A person designated by statute as entitled to the proceeds of a legal action such as a wrongful death action.
     See creditor beneficiary; donee beneficiary; third-party beneficiary. [3]

References:

All material utilized in accordance with Fair Use.

[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4

[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition
 by James A. Ballantine (James Arthur 1871-1949).  Edited by William S. Anderson.  © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY.  Library of Congress Catalog Card No. 68-30931

[3]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine (James Arthur 1871-1949).  Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning.  ISBN 0-8273-4874-6.

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