Beneficial Owner
(With due respect, I am only sharing this case scenario for sharing and lesson to other, may all of us be very careful in future dealings) The words beneficial owner often used in legal dispute, it means ownership on something (most case of immovable property e.g. house, land etc) even your name is not registered under the ownership document. Recently, I encounter one case where an owner of a premise (landlord) rents her house to a lady (tenant) some 3 years ago. All the while it was going smooth until recently the tenant start to refuse to pay her monthly rent. The initial tenancy term (although not having any written agreement) was agreed between parties was; since the tenant requested a very low rent and giving some personal problem excuses, the landlord agrees to rent out only at the rate of her monthly instalment to her financial institution. For that the tenant was requested to pay directly to a bank account (the loan bank account). That arrangement for me...