Transferee

A 'transferee' is an individual or entity to whom something is transferred, especially property, assets, rights, or responsibilities. This transfer usually involves a formal exchange or legal process. The transferee becomes the new owner or holder of the item or obligation being transferred. They are the recipient of the transfer, gaining the benefits and accepting the associated duties. The term is frequently used in legal, financial, and business contexts.

Transferee meaning with examples

• Upon the sale of the company, the employees' benefits plans were transferred to the new owner, the transferee. This ensured continuity of coverage and was a crucial part of the acquisition agreement. The transferees now held responsibility for managing the benefits program under the new company structure, according to the merger agreement.
• The lease agreement identified the transferee of the property as the newly incorporated company. They assumed all the responsibilities that came with owning the land, including paying rates and keeping the property up to code. This legal transfer of ownership meant the transferee now had all rights to the property.
• In the context of a merger, the transferee would be the surviving or acquiring company. The transferee gains ownership of the assets and liabilities of the merged company as well. This can affect employment structures in particular, resulting in new roles for many employees after the transition phase.
• The inheritance was legally designated to my younger brother; thus, he was the transferee. He received all the assets and became subject to all tax implications associated with the inheritance. This transfer involved a significant responsibility, managing the assets and abiding by the wishes stated in the will.