Illinois Nominee Agreement
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FAQ
Nominee. / (02ccn0252m026a02c8ni02d0) / noun. a person who is nominated to an office or as a candidate. a person or organization named to act on behalf of someone else, esp to conceal the identity of the nominator.
N. 1) a person or entity who is requested or named to act for another, such as an agent or trustee. 2) a potential successor to another's rights under a contract.
A Nominee Trust is an estate planning tool that is unique to Massachusetts. It is essentially a realty trust in which the trust holds the property for the beneficiaries, but the beneficiaries are able to exercise control over the real property.
Nominee. n. 1) a person or entity who is requested or named to act for another, such as an agent or trustee. 2) a potential successor to another's rights under a contract.
A nominee agreement is an agreement where one person agrees to act on behalf of another person in certain legal matters. A nominee agreement is like a power of attorney but may be broader in scope. A nominee may receive a payment for services or may agree to conduct the affairs of without charge.
This means that sometimes purchasers will sign Agreements in their own personal name and then nominate a company or a trust, or indeed another individual to carry out the purchase. This is essentially an 'assignment' of the purchaser's rights.
A person in whose name assets (for example, a nominee shareholder of company shares) are held, but who does not have any beneficial entitlement to those assets. A nominee is a mere agent of the person who appoints them.
A nominee is a person or firm whose name is titled on securities or other property to facilitate certain transactions or transfers while leaving the original customer as the actual or legal owner. In this way, a nominee can serve as a custodian.
Nominee. n. 1) a person or entity who is requested or named to act for another, such as an agent or trustee. 2) a potential successor to another's rights under a contract.
A nomination clause is to be distinguished from a novation of the agreement as it is restricted in being a right for the benefiting party to direct a transfer to the nominee. A nomination clause does not result in the nominee becoming a party to the contract. Consequently, the nominee can reject the nomination.
