A nominee is an individual or entity appointed to act on behalf of another person or entity, often to hold title to property or assets. Nominees are commonly used in various legal and financial contexts, such as in nominee agreements, where the nominee holds legal title to property or assets but has no beneficial interest in them. Nominees may also be appointed to represent shareholders or members of organisations in certain circumstances. The nominee holds the property or assets in trust for the beneficial owner and is legally bound to act in their best interests.
n.
- a person or entity who is requested or named to act for another, such as an agent or trustee.
- a potential successor to another’s rights under a contract. Example: In a real estate purchase agreement, Bob Buyer agrees to purchase the property but provides that title (legal ownership) will be granted to “Bob Buyer or nominee,” so that Buyer can sell his rights to another person before the deal closes or because Buyer is really acting for someone else.
- the executor proposed by a person in a will is a nominee until officially appointed by the judge after the testator (will writer) has died and the will is submitted for probate (administration of the estate).
- a person chosen by convention, petition, or primary election to be a candidate for public office.
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This glossary post was last updated: 11th April 2024.
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