creditor-beneficiary

A third person designated to receive the benefit of performance by one of two contracting parties under the terms of the agreement with the other, who is to receive the benefit of performance because of a specific obligation owing to him by the promisee. Northern Nat. Bank v Northern Minnesota Nat. Bank, 244 Minn 202, 70 NW2d 118; Breaux v Banker (Tex Civ App) 107 SW2d 382.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • creditor beneficiary — see beneficiary b Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • beneficiary — ben·e·fi·cia·ry /ˌbe nə fi shē ˌer ē, fi shə rē/ n pl ries: a person or entity (as a charity or estate) that receives a benefit from something: as a: the person or entity named or otherwise entitled to receive the principal or income or both from …   Law dictionary

  • creditor — A person to whom a debt is owing by another person who is the debtor. Rooney v. Inheritance Tax Commission of Kansas, 143 Kan. 143, 53 P.2d 500, 501. One who has a right to require the fulfillment of an obligation or contract. Murphy v. Jos.… …   Black's law dictionary

  • creditor — A person to whom a debt is owing by another person who is the debtor. Rooney v. Inheritance Tax Commission of Kansas, 143 Kan. 143, 53 P.2d 500, 501. One who has a right to require the fulfillment of an obligation or contract. Murphy v. Jos.… …   Black's law dictionary

  • beneficiary — /benafish(iy)ary/ One who benefits from act of another. A party who will benefit from a transfer of property or other arrangement. Examples include the beneficiary of a trust, the beneficiary of a life insurance policy, and the beneficiary of an… …   Black's law dictionary

  • beneficiary of money — (Securities Industry) Euroclear Clearing and Settlement glossary The party that is the ultimate beneficiary of the cash transfer. The final party is mentioned when different from the creditor, whose account will be credited by the final agent.… …   Financial and business terms

  • beneficiary of money — (Securities Industry) The party that is the ultimate beneficiary of the cash transfer. The final party is mentioned when different from the creditor, whose account will be credited by the final agent. Also final party, ultimate beneficiary… …   Euroclear glossary

  • Third party beneficiary — A third party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been a party to the contract. This right arises where the third party is the intended beneficiary of the… …   Wikipedia

  • incidental beneficiary — Person who may derive benefit from performance of contract, though he is neither the promisee nor the one to whom performance is to be rendered. Salzman v. Holiday Inns, Inc., 48 A.D.2d 258, 369 N.Y.S.2d 238, 242. A person who is a donee or… …   Black's law dictionary

  • ultimate beneficiary — (Payment Industry) Euroclear Clearing and Settlement glossary The party that is the ultimate beneficiary of the cash transfer. The final party is mentioned when different from the creditor, whose account will be credited by the final agent.… …   Financial and business terms

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