A person who is considered a non-party in a contract but still receives a benefit from the completion of the contract. A donee beneficiary could also be the third party that benefits from a donation or gift. For example, Sam (donor) promises to gift a gold watch to Phil (donee). To get this watch Sam will buy it from Mike (third party). In this case, Mike is the donee beneficiary in Sam and Phil’s exchange. If Sam went back on his promise, Mike would not sell the watch. Mike benefits but is not actually part of the contract.
Also known as a third party beneficiary.
A donee beneficiary has no rights to their benefits if they do not know that a contract exists. But the donee beneficiary has a right to file for damages if he/she has vested. For example, if the donor beneficiary knows about the contract and acts on it (in the example above, Mike might build the gold watch), he/she can sue the purchaser if they cancel the contract.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
donee beneficiary — see beneficiary d 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
donee — The recipient of a gift. One to whom a gift is made or a bequest given. One who is invested with a power of appointment; the party executing a power, otherwise called the appointer. He to whom lands or tenements are given in tail. In old English… … Black's law dictionary
donee — A person to whom a gift is made; a grantee. donee 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 a stranger to the… … Ballentine's law dictionary
donee — do·nee /ˌdō nē/ n: one that receives or is granted something (as a gift or power) Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. donee … Law dictionary
donee — do‧nee [ˌdəʊˈniː ǁ ˌdoʊ ] noun [countable] LAW 1. someone who receives money or other valuable things from another person: • All the property given to the donee by the donor will be subject to tax. compare beneficiary 2 … Financial and business terms
beneficiary — [n] person who gains, benefits almsperson, assignee, devisee, donee, grantee, heir, heiress, inheritor, legatee, payee, possessor, receiver, recipient, stipendiary, successor; concepts 355,423 Ant. giver, payer … New thesaurus
beneficiary — I (New American Roget s College Thesaurus) n. legatee, donee. See receiving. II (Roget s IV) n. Syn. recipient, receiver, payee, legatee, heir, heiress, inheritor, possessor, successor, assignee, donee, stipendiary, pensioner, almsman, grantee,… … English dictionary for students
beneficiary — Synonyms and related words: allottee, almsman, almswoman, annuitant, assign, assignee, benefice holder, cestui, cestui que trust, cestui que use, deedholder, devisee, donee, feoffee, feudatory, grantee, householder, incumbent, laird, landlady,… … Moby Thesaurus
beneficiary — noun her beneficiaries include several godchildren about three in five Medicare beneficiaries do not have dependable drug coverage Syn: heir, heiress, inheritor, legatee; recipient, receiver, payee, donee, assignee; Law devisee, grantee … Thesaurus of popular words