Legal English – Peter’s Pills – Lesson 33 – Transferor, Transferee and Transmittee

Legal English for Notaries - By Federnotizie

Transferor, Transferee, Transmittee

Transcript:

Hello!

Transferor, Transferee and Transmittee are important words when speaking about the shares owned in a company. Make sure that the difference is clear to you.

Transferor: The person who makes a transfer of property is called the “Transferor” (cedente). Shares can therefore be sold and move from the Transferor to the Transferee.

Transferee: The person to whom a transfer of property is made is called the “Transferee” (cessionario). Shares can therefore be bought and move from the old owner to the Transferee who will take ownership.

N.B.: The process of moving shares from a Transferor to a Transferee is called the “transfer of shares”.

Transmittee: When speaking about shares, the “Transmittee” means a person entitled to shares by reason of the death or bankruptcy of a shareholder by operation of law. Note that the Transmittee is not the owner of the shares, and may even decide to transmit ownership to a third party without ever taking ownership.

The Transmittee is however fully entitled to the shares, should he or she wish to take ownership.

N.B.: When the “transfer” of shares happens due to the operation of law in cases of death, bankruptcy or other, it is referred to as the “transmission of shares”.

Thank you very much and see you next time for more Peter’s Pills to improve your Legal English!


See more about the transfer and transmission of shares in the UK Model Articles of Association sections 26 to 29: “Transmission of shares“.


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