pass to the benefit of

English translation: see explanation

07:52 Jun 14, 2018
English to English translations [PRO]
Bus/Financial - Finance (general) / Loan Agreement
English term or phrase: pass to the benefit of
Context:
Binding Effect
This Agreement will pass to the benefit of and be binding upon the respective heirs, executors, administrators, successors and permitted assigns of the Borrower and Lender.
Nam Vo
Vietnam
Local time: 21:57
English translation:see explanation
Explanation:
you have to look at the whole sentence, to understand why it's "(1)to the benefit of and (2)to be binding upon" instead of "all the obligations and rights"

This agreement is about a loan that is being repaid.

At that stage the Lender has ONLY rights [to demand repayment] and the Borrower has ONLY obligations [to keep repaying the loan]; [at the beginning, just after the contract was signed, it was the opposite: the Lender had only obligations - to give/lend the money, the Borrower had only rights - to demand the agreed loan]

so any

"heirs, executors, administrators, successors and permitted assigns"

1 - of the Borrower will have ONLY obligations (the part "to be binding upon" - applies only to those replacing the Borrower)

2 - of the Lender will have ONLY rights - the part "to the benefit of" applies only to those replacing the Lender.

IOW the wording is crystal clear, and perfectly correct, and is in fact an attempt to make an abbreviated version of:


"This Agreement

will pass to the benefit of the heirs, executors, administrators, successors and permitted assigns of the Lender

and

will be binding upon the heirs, executors, administrators, successors and permitted assigns of the Borrower."

That would be a rephrasing easier to follow that corresponds EXACTLY to what is said in this ST.




--------------------------------------------------
Note added at 1 day 51 mins (2018-06-15 08:44:31 GMT)
--------------------------------------------------

another element:

the term "... the respective ..." is there because transferring rights [will pass to the benefit of] or transferring obligations [will be binding upon] will not both happen to both the replacements for Lender and Borrower, but only one type of transfer will apply to the corresponding / respective" party - either the Lender's rights or the Borrowers obligations - but there are no "Lender's obligations" nor any "Borrowers rights" to pass to anyone, so the general purpose "passing rights and obligations" wouldn't make sense here, as in this ST either only rights or only obligations can be transferred.

By trying to avoid the repetition of the part "the heirs, executors, administrators, successors and permitted assigns of" the writers made a sentence you need to read carefully more than once, but that's not unusual in contracts.
Selected response from:

Daryo
United Kingdom
Local time: 14:57
Grading comment
Thank you very much! I appreciate it :)
4 KudoZ points were awarded for this answer



Summary of answers provided
5see explanation
Daryo
4 +1the rights and obligations under this agreement will be transferred to
philgoddard
4pass to the benifit of (unchanged)
Charles van der Heiden


  

Answers


30 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
pass to the benifit of (unchanged)


Explanation:
Once the borrower dies, the agreement will remain in force and be binding for all parties involved.

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Note added at 45 min (2018-06-14 08:37:56 GMT)
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This agreement will remain in force ...

--------------------------------------------------
Note added at 46 min (2018-06-14 08:39:42 GMT)
--------------------------------------------------

my pleasure!

Charles van der Heiden
Belgium
Local time: 15:57
Native speaker of: Dutch
Notes to answerer
Asker: yeah. I kind of understand that, but it's hard to rephrase it to something easier for translation.

Asker: Thank you very much. Really helpful, indeed.


Peer comments on this answer (and responses from the answerer)
neutral  philgoddard: I don't think you can define a phrase simply by repeating it. And it's not just about the borrower dying.
3 hrs
  -> OK, I'm new to Kudoz. Thought he just wanted an explanation.
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4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
the rights and obligations under this agreement will be transferred to


Explanation:
This is not very clear writing, but the overall meaning of the sentence is that if something happens to one of the parties - for example the borrower dies or the lender goes bankrupt or sells the loan - its contractual rights and obligations will be transferred to whoever takes over the debt.

Of course, "benefit" strictly speaking means just rights, but "rights and obligations" is how it's usually phrased in this context, both in English and other languages.

philgoddard
United States
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 15
Notes to answerer
Asker: Thanks very much. You've been very helpful :)


Peer comments on this answer (and responses from the answerer)
agree  Yvonne Gallagher: yes, not well written as it's not just "benefits" but obligations too
19 mins

disagree  Daryo: that's how contracts work in general, no doubts about that - but if you rephrase it that way before translating - you would be seriously deviating from the the text of this contract.
4 hrs

agree  AllegroTrans
21 hrs
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18 hrs   confidence: Answerer confidence 5/5
pass to the benefit of and be binding upon
see explanation


Explanation:
you have to look at the whole sentence, to understand why it's "(1)to the benefit of and (2)to be binding upon" instead of "all the obligations and rights"

This agreement is about a loan that is being repaid.

At that stage the Lender has ONLY rights [to demand repayment] and the Borrower has ONLY obligations [to keep repaying the loan]; [at the beginning, just after the contract was signed, it was the opposite: the Lender had only obligations - to give/lend the money, the Borrower had only rights - to demand the agreed loan]

so any

"heirs, executors, administrators, successors and permitted assigns"

1 - of the Borrower will have ONLY obligations (the part "to be binding upon" - applies only to those replacing the Borrower)

2 - of the Lender will have ONLY rights - the part "to the benefit of" applies only to those replacing the Lender.

IOW the wording is crystal clear, and perfectly correct, and is in fact an attempt to make an abbreviated version of:


"This Agreement

will pass to the benefit of the heirs, executors, administrators, successors and permitted assigns of the Lender

and

will be binding upon the heirs, executors, administrators, successors and permitted assigns of the Borrower."

That would be a rephrasing easier to follow that corresponds EXACTLY to what is said in this ST.




--------------------------------------------------
Note added at 1 day 51 mins (2018-06-15 08:44:31 GMT)
--------------------------------------------------

another element:

the term "... the respective ..." is there because transferring rights [will pass to the benefit of] or transferring obligations [will be binding upon] will not both happen to both the replacements for Lender and Borrower, but only one type of transfer will apply to the corresponding / respective" party - either the Lender's rights or the Borrowers obligations - but there are no "Lender's obligations" nor any "Borrowers rights" to pass to anyone, so the general purpose "passing rights and obligations" wouldn't make sense here, as in this ST either only rights or only obligations can be transferred.

By trying to avoid the repetition of the part "the heirs, executors, administrators, successors and permitted assigns of" the writers made a sentence you need to read carefully more than once, but that's not unusual in contracts.


Daryo
United Kingdom
Local time: 14:57
Specializes in field
Native speaker of: Native in SerbianSerbian, Native in FrenchFrench
PRO pts in category: 7
Grading comment
Thank you very much! I appreciate it :)
Login to enter a peer comment (or grade)



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