Legal Definition and Related Resources of Beneficial Owner

The owner in fact ; the person who enjoys the benefit of property

Browse or run a search for Beneficial Owner in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Beneficial Owner in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Beneficial Owner in Historical Law in the Encyclopedia of Law.

For more information about Historical Law definitions, see Historical Definitions in the Encyclopedia of Law. For more information about Historical Law Books and Legal Documents, see Legal Encyclopedia of Historical Books and Documents and Legal Encyclopedia of Books and Documents of the 20th Century.

Search for legal acronyms and/or abbreviations containing Beneficial Owner in the Legal Abbreviations and Acronyms Dictionary.

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English Legal System: Beneficial Owner

In the context of the English law, A Dictionary of Law provides the following legal concept of Beneficial Owner : An owner who is entitled to the possession and use of land or its income for his own benefit. Under the Law of Property Act 1925 a person who for valuable *consideration conveys land as beneficial owner gives implied covenants (1) that he has the right to convey it; (2) for quiet enjoyment (i.e., that the transferee takes possession free from adverse claims to the land); (3) that the land is free from encumbrances other than any specified in the conveyance; (4) for further assurance (i.e. that the transferor will do anything necessary to cure any defect in the conveyance); and (5) when the land is leasehold (a) that the lease is valid and subsisting and (b) that the covenants in the lease have been performed and the rent paid. When the owner of a legal estate is not the beneficial owner (e.g. a mortgagee, trustee, or personal representative) his only implied covenant in a conveyance of the land is that he has not himself created any encumbrance.

Beneficial Owner in Maritime Law

Note: There is more information on maritime/admiralty law here.

The following is a definition of Beneficial Owner, produced by Tetley, in the context of admiralty law: [Translation of Beneficial Owner in French: “véritable propriétaire”]- A term usually referring to the registered shipowner, but which may also designate another party having the equitable ownership of the vessel where it is operated under the cloak of a trust. See The I Congreso del Partido [1977] 1 Lloyd’s Rep. 536, [1978] Q.B. 500. The term may designate some party behind the registered owner, such as a parent corporation or holding company, having some legal or equitable interest in the vessel, including a right to dispose of it. But it does not encompass a demise charterer, despite the latter’s full possession and control of the ship during the term of the demise charterparty. See Mount Royal/Walsh Inc. v. The Jensen Star [1990] 1 F.C. 199 (Fed. Ct. of App.). The beneficial owner who is personally liable on certain types of maritime claims at the time they arise may render the ship liable in rem in England and Canada. See the Supreme Court Act 1981, U.K. 1981, c. 54, sects. 20(4)(b)(i) and the Federal Court Act, R.S.C. 1985, c. F-7, sect. 43(3). See Tetley, M.L.C., 2 Ed., 1998 at pp. 573-575, 581-582, 586-587, 1033-1036, 1039-1041, 1043-1045; Tetley,Int’l. M. & A. L., 2003 at pp. 432, 436, 492-493.

Beneficial Owner in Admiralty Law

For information on beneficial owner in this context, see the entry on beneficial owner in the maritime law encyclopedia.