Beneficial owner
Encyclopedia
Beneficial owner is a legal term 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). This often relates where the legal title owner has implied trustee
duties to the beneficial owner.
Under United States copyright law
, an author
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, "[t]he 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 owner of it."
A common example of a beneficial owner is the real owner of funds held by a nominee bank or for stocks held in the name of a brokerage firm.
and three celebrities bought a plot of land in the proposed area for the expansion of Heathrow Airport. They then signed up thousands of people as beneficial owners in order to create as difficult as possible legal obstacle to building the third runway. As of April 25, 2010, Greenpeace has signed up just over 80,000 people from all over the world as beneficial owners and is aiming to get 100,000 beneficial owners.
Title
A title is a prefix or suffix added to someone's name to signify either veneration, an official position or a professional or academic qualification. In some languages, titles may even be inserted between a first and last name...
of the property belongs to another person. 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. 508). This often relates where the legal title owner has implied trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...
duties to the beneficial owner.
Under United States copyright law
United States copyright law
The copyright law of the United States governs the legally enforceable rights of creative and artistic works under the laws of the United States.Copyright law in the United States is part of federal law, and is authorized by the U.S. Constitution...
, an author
Author
An author is broadly defined as "the person who originates or gives existence to anything" and that authorship determines responsibility for what is created. Narrowly defined, an author is the originator of any written work.-Legal significance:...
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, "[t]he 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 owner of it."
A common example of a beneficial owner is the real owner of funds held by a nominee bank or for stocks held in the name of a brokerage firm.
Greenpeace Airplot
In January 2009, GreenpeaceGreenpeace
Greenpeace is a non-governmental environmental organization with offices in over forty countries and with an international coordinating body in Amsterdam, The Netherlands...
and three celebrities bought a plot of land in the proposed area for the expansion of Heathrow Airport. They then signed up thousands of people as beneficial owners in order to create as difficult as possible legal obstacle to building the third runway. As of April 25, 2010, Greenpeace has signed up just over 80,000 people from all over the world as beneficial owners and is aiming to get 100,000 beneficial owners.