Beneficial ownership: Difference between revisions

← Older edit

Beneficial ownership (view source)

Revision as of 14:00, 16 October 2023

409 bytes added , 16 October 2023

no edit summary

Amwelladmin

Bureaucrats, Interface administrators, Administrators

82,891

edits

@@ Line 1: / Line 1: @@
-Under {{tag|English law}} there is a distinction between [[legal ownership]] and [[beneficial ownership]]. The legal owner is the person in whose name title to the asset is formally registered. The beneficial owner is the person (and in most cases it's the same person) who has effective benefit of the asset: not just its economic risks and rewards, but the effective right to own it.
+{{a|trust|}}Under {{tag|English law}} there is a distinction between [[legal ownership]] and [[beneficial ownership]]. The legal owner is the person in whose name [[Title transfer|title]] to the asset is formally registered. The beneficial owner is the person (and in most cases, it’s the same person) who has the effective benefit of the asset: not just its economic risks and rewards, but the effective right to deal with it absolutely.
-This might seem an artificial and somewhat fatuous distinction — certainly continental lawyers think so; there’s no concept of that separation at all in the [[civil law]] tradition<ref>But just try asking them to explain therefore what the hell they think a [[fiduciary]] is.</ref> — but it is this very distinction on which the idea of a {{t|trust}} is founded. The [[Trustee]] legally owns the trust property, but it does not form part of the trustee’s [[insolvency estate]].
+This might seem an artificial, somewhat fatuous distinction — certainly, continental lawyers think so: there’s no concept of that separation at all in the [[civil law]] tradition<ref>But just try asking them to explain therefore what the hell they think a [[fiduciary]] is.</ref> — but it is this very distinction on which the idea of a {{t|trust}} is founded. The [[Trustee]] legally owns the trust property, but it does not form part of the trustee’s [[insolvency estate]].
-Trusts are excellent things if you are a finance lawyer, and get you out of all kinds of jams.
+[[Trust]]s are excellent things if you are a finance lawyer, and get you out of all kinds of jams.
-{{seealso}}
+===Not the same thing as the [[corporate veil]]===
+The separation of ownership into legal and beneficial ownership is a “[[creature of equity]]”. One should not confuse it with those creatures of statute, the [[corporation]]: A [[shareholder]] is ''not'' the “[[Beneficial ownership|beneficial]]”, or legal, owner of a [[corporation]]’s assets.
+{{sa}}
 *[[Constructive trust]]
 *[[Custody]]
 {{ref}}