The Collaborative International Dictionary of English v.0.48:

Beneficiary \Ben`e*fi"ci*a*ry\, n.; pl. Beneficiaries.
   1. A feudatory or vassal; hence, one who holds a benefice and
      uses its proceeds. --Ayliffe.
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   2. One who receives anything as a gift; one who receives a
      benefit or advantage; esp. one who receives help or income
      from an educational fund or a trust estate.
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            The rich men will be offering sacrifice to their
            Deity whose beneficiaries they are.   --Jer. Taylor.
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