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incidental beneficiary |
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incidental beneficiary n. someone who obtains a benefit as the result of the main purpose of the trust. Example: the co-owner of property with a named beneficiary may benefit from moneys provided to improve the building they jointly own, or a grandchild might benefit from his/her parent receiving a gift which could be used by the entire family, or which he/she may inherit from the parent. (See: beneficiary, trust) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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In addition to these administrative issues, the lender should make sure that it is named as a third party beneficiary under the tenancy and management agreements. This is supported by dedicated federal, state, private insurance, and third party beneficiary payments. A review of recent cases indicates that the court is sometimes willing to treat the broker as a third party beneficiary under the brokerage provision in the contract of sale between the seller and purchaser, on the theory that buyer and seller contracted for the benefit of the broker. |
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