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Simple English definitions for legal terms
fidei-commissary
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A quick definition of fidei-commissary:
A fidei-commissary, also known as a cestui que trust, is someone who has the right to receive the profits and benefits from a property. They are the beneficiary of a trust, which means the property is held for their benefit. The term cestui que trust is an old-fashioned way of saying "he whose benefit the trust was created for."
A more thorough explanation:
Definition: Fidei-commissary is an archaic term that refers to a beneficiary who possesses equitable rights in property and usually receives the rents, issues, and profits from it. It is also known as cestui que trust.
Example: John created a trust for the benefit of his daughter, Jane. Jane is the fidei-commissary or cestui que trust of the trust.
Explanation: In this example, John created a trust for the benefit of his daughter, Jane. Jane is the fidei-commissary or cestui que trust of the trust, which means she is the beneficiary who possesses equitable rights in the property and receives the rents, issues, and profits from it.