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)

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Whenever there is a structure with a third party beneficiary we insist to know the identity of that beneficiary.
The Corps, DEP, and WMDs worked together to develop a standard third party beneficiary conservation easement for the Corps.
Claimants to the status of third party beneficiary have an even easier time in New Mexico.
2001) ("Under the third party beneficiary theory, a court must look to the intentions of the parties at the time the contract was executed.
the process involves the letter of credit naming a third party Beneficiary B, usually the seller of the goods subject to the transaction," according to a (http://library.
Intended third party beneficiary claims will likely fare no better unless there is a certification made by a professional and the certificate contains the proper language that it is for the benefit of the persons to whom the offer is made.
Third Party Beneficiary Prevents Setoff Against Prime
First, the question of individually enforceable rights in treaties is more structurally similar to the question of third party beneficiary rights under contracts than to the issue of private rights of action in statutes.
In addition, it is inconsistent with the reasonable expectations of all the parties to the transaction, including the third party beneficiary who is made to support the entire burden of liability.
Under Louisiana law, contracting parties "may stipulate a benefit for a third person nut a party to the con tract," the court pointed out, which is a called a "stipulation pour autrui and gives the third party beneficiary the right to demand performance from the promisor.
In terms of the privity issue, here is a newer case: A home purchaser is a third party beneficiary of agreement between purchaser's lender and an appraisal company the lender has retained to supervise construction draws, and purchaser can recover consequential and circumstantial damages when appraiser negligently monitors payments.
By contrast, New York law recognises the concept of third party beneficiary rights, and it is possible for a third party to derive a benefit under a contract to which it is not actually a party.