16:09
Just got my Michigan rejection
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Simple English definitions for legal terms
equitable owner
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A quick definition of equitable owner:
An equitable owner is someone who has the right to use and benefit from something, even if they don't have legal ownership. This can happen when property is held in trust or when someone has a contractual right to something. The equitable owner has the right to sue for infringement and enjoy the benefits of the property, even if someone else holds legal title.
A more thorough explanation:
An equitable owner is someone who is recognized in equity as the owner of something, even though legal title may belong to someone else. This means that the equitable owner has the right to possess, use, and convey the property, even though they may not have legal ownership.
For example, if a property is held in trust, the beneficiary of the trust is the equitable owner of the property, even though legal title is held by the trustee. The beneficiary has the right to use and enjoy the property, and can even sell it, but the trustee has legal control over the property.
Another example of an equitable owner is a corporate shareholder who has the power to buy or sell shares, but is not registered on the corporation's books as the owner.
Overall, an equitable owner has certain rights and interests in a property, even though they may not have legal ownership. This can arise in various situations, such as trusts, intellectual property, and corporate ownership.