Beneficiary Owner (BO) Account Definition | Law Insider (2024)

Related to Beneficiary Owner (BO) Account

  • Beneficiary form means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.

  • primary beneficiary means the individual for whose primary benefit the trust is then held. For purposes of Section 8.3, a Qualified Entity is a member of each Family Group to which such one or more Qualified Trusts that are its equity holders belong.

  • Rollover Account means the account established hereunder to which amounts transferred from a qualified plan or individual retirement account in accordance with Section 4.6 are allocated.

  • Individual Account Means the account established and maintained under this Plan for each Participant in accordance with Section 4.01.

  • Individual retirement account means a trust, custodial arrangement, or annuity under Section 408(a) or (b), Internal Revenue Code of 1954 (26 U.S.C. Section 408 (1986)).

  • Rollover Contribution Account means the separate Account maintained for a Member to record such Member's share of the Trust Fund attributable to any Rollover Contribution made to the Plan on his behalf.

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Separate Account shall have the respective meanings assigned to such terms in Section 3 of ERISA.

  • Sub-Account means any of the individual sub-accounts of a Participant's Separate Account that is maintained as provided in Article VIII.

  • Subsidy Account If the Trust Estate contains any Subsidy Loans, the deposit account or accounts created and maintained by the Servicer for deposit of Subsidy Funds and amounts payable under interest subsidy agreements relating to mortgage loans other than the Mortgage Loans.

  • Deferred Account means the participant's Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account, Deferred Cash Account and/or Deferred Stock Account.

  • Member Account means the regular account and the variable account.

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Beneficiary(ies means the beneficiary(ies) designated by the Participant who are entitled to receive any distributions from the Plan payable upon the death of the Participant.

  • Cash Account has the meaning set forth in Section 2.1(a)(ii).

  • Separate Accounts means the accounts which are to be prepared for each

  • Principal Funding Account Balance means, with respect to any date of determination, the principal amount, if any, on deposit in the Principal Funding Account on such date of determination.

  • Retirement Account means any retirement or pension fund or account, listed in Iowa Code section 627.6(8)“f” as exempt from execution, regardless of the amount of contribution, the interest generated, or the total amount in the fund or account.

  • Designated Bank Account means the relevant bank account designated by each Holder;

  • Servicer Account means any account established by Servicer in connection with the servicing of the Mortgage Loans.

  • Tax Account shall have the meaning set forth in Section 8.6 hereof.

  • Financial Beneficiary means any Principal of the Developer or Applicant entity who receives or will receive any direct or indirect financial benefit from a Development, except as further described in Rule 67-21.0025, F.A.C.

  • Administration Account As defined in Section 7.02.

  • Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.

  • Special Account means the account referred to in Section 2.02 (b) of this Agreement;

  • Discretionary Account means a Personal Account in which you have completely turned over decision-making authority to a professional money manager (who is not a Family Member or not otherwise covered by this Code) and you have no direct or indirect influence or control over the account. (Such Discretionary Accounts are often referred to as “professionally managed,” “controlled” or “managed” accounts.)

Beneficiary Owner (BO) Account Definition | Law Insider (2024)

FAQs

Beneficiary Owner (BO) Account Definition | Law Insider? ›

Beneficiary Owner (BO) Account means the Account opened by the Client with any Depository Participant to keep their electronic securities in CDBL.

What is a beneficiary owner account? ›

A Beneficiary owner (BO) (also called Beneficial Owner) refers to the final investor who has opened the Demat account with the NSDL or CDSL. When the securities are delivered to the Demat account, they are considered to be the property of the BO. The BO could be a single person or a group of persons.

What is meant by beneficial owner? ›

A beneficial owner is someone who owns at least part of a property or other asset, even if its legal title is owned by someone else. That person can also vote on or otherwise influence decisions regarding transactions involving that asset or property. An example is a corporate shareholder.

What is the full form of Bo in bank account? ›

Your sixteen-digit CDSL-registered Demat A/c no. is a BO ID (Beneficial Owner Identification Number). A welcome letter with all the account information and the BO ID is sent to the customer who opens a Demat A/c with CDSL. For each financial broker, this varies.

What is the full form of Bo account? ›

Since IPO allotment of shares can only be credited to a Beneficiary Owner Account (BO Account) NRB's open such accounts with stockbrokers or banks who are Depository Participants (DP).

Is a beneficiary an account owner? ›

A beneficiary has no rights or access to your accounts. Beneficiaries can only receive the money in your accounts in the event of your passing. Beneficiaries can become joint account holders if you would like them to have access to your money before you pass.

What is Bo's account? ›

BO ID stands for Beneficiary Owner Identification Number. It is a unique identification number assigned to each investor by their Depository Participants (DP). When you open a Demat account, you become the Beneficiary Owner of the securities held in your account.

Who qualifies as a beneficial owner? ›

A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial control over a reporting company (see Question D.2), or (2) owns or controls at least 25 percent of a reporting company's ownership interests (see Question D.4).

Is a beneficiary a beneficial owner? ›

If there is one Beneficiary, that Beneficiary will be the Beneficial Owner of the Capital and Income of the Trust. It will also be "presently entitled" to the Capital and Income of the Trust for Income Tax purposes.

What does bo means? ›

the abbreviation for'body odor'(an unpleasant smell from a person's body, especially of sweat) She's got BO. Want to learn more?

What is BO in banking? ›

Banking Officer (BO) Senior Banking Officer (SBO) Assistant Manager (AM) Deputy Manager (DM)

What is the financial term Bo? ›

Beneficial Ownership Meaning and Regulation. Trade. Investing.

What is the full form of Bo in accounting? ›

Related to Beneficiary Owner (BO) Account. Beneficiary form means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.

What is the full form of Bo? ›

A Branch Office (BO) in the Indian Postal Service is a neighbourhood-level post office that offers postal services to clients in a particular location. It is a division of the main post office and is in charge of mail delivery as well as other services for the neighbourhood.

What are BO details? ›

The full form of BO ID is the Beneficial Owner Identification Number. It is a 16-digit account number for a Demat account registered with the Central Depository Security Limited (CDSL). Additionally, a Demat account can hold shares and securities electronically. Every platform/broker account carries a unique BO ID.

What is the purpose of a beneficiary account? ›

Your beneficiary would be a person/s who you would wish to get your money after your passing. Establishing a beneficiary bank account will keep the funds in your bank account out of litigation when you pass away.

What is the difference between beneficiary account and beneficiary bank account? ›

A beneficiary is the person you're sending money to - also known as a recipient. A beneficiary can be a person, or a business entity. A beneficiary bank is the bank which holds the account you're sending money to.

What is the meaning of beneficiary account holder name? ›

Meaning. The beneficiary is the person or entity who will receive the funds or benefits in case of an event, such as the account holder's demise. A nominee, on the other hand, is a person designated by the account holder to receive the assets or funds in the event of their death.

Who is beneficiary owner of an entity? ›

In domestic and international commercial law, a beneficial owner is a natural person or persons who ultimately owns or controls an interest in a legal entity or arrangement, such as a company, a trust, or a foundation.

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