Beneficial use
Encyclopedia
Beneficial use is a legal term describing a person's right to enjoy the benefits of specific property
, especially a view or access to light, air, or water, even though title to that property is held by another person. http://legal-dictionary.thefreedictionary.com/beneficial+use This may also be termed "beneficial enjoyment". Black's Law Dictionary (2nd Pocket ed. 2001 pg. 236.
Compare this with a "beneficial interest", where a beneficiary
has an interest in a thing ("res" Res (disambiguation)
) (such as a trust
or estate
) but does not own the underlying property. Black's Law Dictionary
(2nd Pocket ed. 2001 pg. 64. This usually entitles the beneficiary to some of the income
from the underlying property.
Also, compare this to beneficial owner
where specific property rights ("use and title") in equity belong to a person even though legal title of the property belongs to another person. Black's Law Dictionary (2nd Pocket ed. 2001 pg. 508. For example companies often hold stock
s or bank funds in their name for the benefit of a person.
Property
Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...
, especially a view or access to light, air, or water, even though title to that property is held by another person. http://legal-dictionary.thefreedictionary.com/beneficial+use This may also be termed "beneficial enjoyment". Black's Law Dictionary (2nd Pocket ed. 2001 pg. 236.
Compare this with a "beneficial interest", where a beneficiary
Beneficiary
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example: The beneficiary of a life insurance policy, is the person who receives the payment of the amount of insurance after the death of the insured...
has an interest in a thing ("res" Res (disambiguation)
Res (disambiguation)
Res or RES may refer to:* Resistencia International Airport * RES , a bimonthly media lifestyle magazine** RESFest, a digital short film festival run by the magazine* Review of Economic Studies...
) (such as a trust
Trust law
In common law legal systems, a trust is a relationship whereby property is held by one party for the benefit of another...
or estate
Estate (law)
An estate is the net worth of a person at any point in time. It is the sum of a person's assets - legal rights, interests and entitlements to property of any kind - less all liabilities at that time. The issue is of special legal significance on a question of bankruptcy and death of the person...
) but does not own the underlying property. Black's Law Dictionary
Black's Law Dictionary
Black's Law Dictionary is the most widely used law dictionary in the United States. It was founded by Henry Campbell Black. It is the reference of choice for definitions in legal briefs and court opinions and has been cited as a secondary legal authority in many U.S...
(2nd Pocket ed. 2001 pg. 64. This usually entitles the beneficiary to some of the income
Income
Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings...
from the underlying property.
Also, compare this to beneficial owner
Beneficial owner
Beneficial owner is a legal term where specific property rights in equity belong to a person even though legal title of the property belongs to another person. Black's Law Dictionary...
where specific property rights ("use and title") in equity belong to a person even though legal title of the property belongs to another person. Black's Law Dictionary (2nd Pocket ed. 2001 pg. 508. For example companies often hold stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
s or bank funds in their name for the benefit of a person.