substantial beneficial interest
- Dennis Daggett (Deactivated)
An interest held by any person of at least 10 percent in the farm entity (e.g., there are two partnerships that each have a 50 percent interest in you and each partnership is made up of two individuals, each with a 50 percent share in the partnership. In this case, each individual would be considered to have a 25 percent interest and both the partnerships and the individuals would have a substantial beneficial interest. The spouses of the individuals would not be considered to have a substantial beneficial interest unless the spouse interest was one of the individuals that made up the partnership. However, if each partnership is made up of six individuals with equal interests, then each would only have an 8.33 percent interest. The spouse of any individual applicant or individual insured will be presumed to have a substantial beneficial interest in the applicant or insured unless the spouses can prove they are legally separated or otherwise legally separate under the applicable State dissolution of marriage laws. Any child of an individual applicant or individual insured will not be considered to have a substantial beneficial interest in the applicant or insured unless the child has a separate legal interest in such person.
Authorization Path: 1.1.1.1.9.0