He who has a right to a beneficial interest in and out of an estate the legal title to which is vested in another. 2 Waslib. Real Prop. 163. The person who possesses the equitable right to property and receives the rents, issues, and profits thereof, the legal estate of which is vested in a trustee. It has been proposed to substitute for this uncouth term the English word ” beneficiary ,” and the latter, though still far from universally adopted, has come to be quite frequently used. It is equal in precision to the antiquated and unwieldy Norman phrase, and far better adapted to the genius of our language.
Black’s Law Online Dictionary
