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make a payment on account of sy's interest

English translation: a beneficial interest?

20:01 Jan 10, 2004
English language (monolingual) [PRO]
Law/Patents
English term or phrase: make a payment on account of sy's interest
"It is our practice to make a payment on account of your interest as soon as possible."

It's a sentence from a solicitor's letter (UK)who advises sy to be bequeathed.

I've found in the dictionaries and got on Proz no definite answers what it really wants to refer to here.

Could it possibly be a kind of regulation in the UK which gives a special meaning to this phrase?

Thanks any idea in advance.

Kathrin
Kathrin.B
Local time: 06:45
Selected answer:a beneficial interest?
Explanation:
I guess the beneficiary has a beneficial interest in the estate. Something to be bequeathed though suggests an heirloom etc, whereas make a payment on account of your interest, suggests a financial interest ie a sum of money (legacy) is involved.

Just a layman's guess. I have not referred to my law books on this, and I don't think that I have any references that would help.

on account of = in respect of? (maybe)

interest surely means legal right here.

interest (legal right) = an involvement or a legal right usually relating to a business or possessions. eg (specialised) When they divorced she retained a legal interest in the property. (Cambridge Advanced Learner's Dictionary)
Selected response from:

chica nueva
Local time: 16:45
Grading comment
Thanks for all of you.

Kathrin
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
5 +1ïëàòèòü â âàøó ïîëüçó
AlxGr8
2 +3a beneficial interest?
chica nueva
4 -1pay interest to your account as soon as possible
Refugio
2 -1fast interest payment
Ildiko Santana


Discussion entries: 3





  

Answers


51 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): -1
fast interest payment


Explanation:
Isn't it just their fancy way of saying they pay up interests as fast as they can if you open a (most likely savings) account with them?

Ildiko Santana
United States
Local time: 21:45
Native speaker of: Native in HungarianHungarian, Native in EnglishEnglish
PRO pts in pair: 162

Peer comments on this answer (and responses from the answerer)
disagree  Chris Rowson (X): It´s not this kind of interest.
9 hrs
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2 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +1
ïëàòèòü â âàøó ïîëüçó


Explanation:
solicitor's way to say something simple :-)

AlxGr8

Peer comments on this answer (and responses from the answerer)
agree  Iolanta Vlaykova Paneva: payment on /in/ behalf of
2 hrs
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8 hrs   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +3
a beneficial interest?


Explanation:
I guess the beneficiary has a beneficial interest in the estate. Something to be bequeathed though suggests an heirloom etc, whereas make a payment on account of your interest, suggests a financial interest ie a sum of money (legacy) is involved.

Just a layman's guess. I have not referred to my law books on this, and I don't think that I have any references that would help.

on account of = in respect of? (maybe)

interest surely means legal right here.

interest (legal right) = an involvement or a legal right usually relating to a business or possessions. eg (specialised) When they divorced she retained a legal interest in the property. (Cambridge Advanced Learner's Dictionary)

chica nueva
Local time: 16:45
Native speaker of: English
PRO pts in pair: 83
Grading comment
Thanks for all of you.

Kathrin

Peer comments on this answer (and responses from the answerer)
agree  Chris Rowson (X): Yes, it undoubtedly means "legal right", or presumed or probable legal right. So probable that the solicitors don´t make te heir wait until it´s all been formally tied up, but make an advance payment. No special legislation, it´s a standard term.
1 hr
  -> Yes, the solicitors don't make the heir wait until it has all been tied up, but make an advance payment.That's common.Possibly what this is referring to.
agree  Nado2002
18 hrs
agree  Rajiv Arora
6 days
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10 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
pay interest to your account as soon as possible


Explanation:
The phrase is a little mixed up and thoughtlessly written. I think they wanted to say 'make a payment of your interest on account.'

Refugio
Local time: 21:45
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 485

Peer comments on this answer (and responses from the answerer)
disagree  Chris Rowson (X): It´s very clear to me, it must be a BE thing. It doesn´t refer to interest payments, but to an advance payment against the beneficiary´s "interest" in (= presumed, probably or definite legal rights to) the estate.
12 mins
  -> You could be right, but it is not that clear to the rest of us.
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