The beneficiary (there is also the writing of the beneficiary) is the actual beneficiary, the recipient of payment or profit, and other benefits and benefits under the contract.
They can be both a physical person and a legal entity.
The concept of a beneficiary
The beneficiary is the recipient of profit, the term may have several meanings, depending on the field of activity.
If the talk is about the insurance business, then the beneficiaryIs the recipient of the indemnity specified in the insurance policy. If the person specified in the contract does not survive until the expiry of the term of its validity, the beneficiary may become another person. With regard to property insurance, it becomes any owner, if the property is insured in his favor by another person.
In hereditary law, the beneficiary is the heir by testament.
The beneficiary is also a person who receives income from his property, for example, by getting a rent when renting a property.
The concept of a beneficiary is applicable to ownersShares, which transferred them to trust management for obtaining maximum profit. Beneficiaries-holders of shares have the right to transfer ownership, resolve issues about the company's activities, the right to vote at the shareholders' meeting, as well as to participate in the selection of the company's management.
If it is a trust, the beneficiary is a person who receives financial benefits from the management of the property of the trust.
The term beneficiary is widely used in offshoreBusiness. In this case, it is a real business owner, who is also called the "ultimate beneficiary". It, as a rule, differs from the nominal owner, which is indicated in the constituent documents. That is, the de facto beneficiary is the owner of the business with all management rights and receives income from the company's activities, but de jure property rights are assigned to other persons. The presence of nominal leadership is justified by maintaining confidentiality with respect to the ultimate beneficiary.
Beneficiaries in banking activities
In banking, the concept of a beneficiary is used in transactions with bank letters of credit, collection, guarantees and certificates.
When registering a bank letter of credit, the beneficiary is the person in whose name it is open, the owner of the documentary credit.
As part of the bank operation, the beneficiary is the recipient of the money after conducting banking operations, which confirm the buyer's receipt of the property within the transaction.
With respect to the bank certificate,The beneficiary is the recipient of funds on it after the expiration of its validity. Since certificates are unnamed, it is not necessarily the person who opened the bank certificate.
The beneficiary in the framework of the bank guarantee is the creditor, who must receive funds under the contract.