trustee Quick reference
A Dictionary of Law (10 ed.)
...under part V of the Trustee Act 2000 in the absence of any other express entitlement. It is not unusual for remuneration of trustees to be authorized by the trust instrument itself. Other legislation permits the payment of fees to Public Trustees , judicial trustees , and custodian trustees . Trustees may refuse their office, retire, or resign, but they remain liable for acts carried out during their trusteeship. The power to appoint replacement trustees is usually given either to the beneficiaries or to the remaining trustees; in default the court...
trustee Quick reference
A Dictionary of Law Enforcement (2 ed.)
... A person having a nominal title to property that he holds for the benefit of one or more others, the beneficiaries. Trustees may be individuals or corporate bodies and can include such specialists as judicial trustees and the Public Trustee. A trustee must show a high standard of care towards his beneficiaries, must not allow his interests to conflict with those of his beneficiaries, and must not profit from his trust. In the exercise of his duties he is answerable to the...
trustee Quick reference
A Dictionary of Accounting (5 ed.)
... A person who holds the legal title to property but who is not its beneficial owner. Usually there are two or more trustees of a trust and for some trusts of land this is necessary. The trustee may not profit from the position but must act for the benefit of the beneficiary, who may be regarded as the real owner of the property. Either an individual or a company may act as trustee. It is usual to provide for the remuneration of trustees in the trust deed, otherwise there is no right to payment. Trustees may be personally liable to beneficiaries for loss...
trustee Quick reference
A Dictionary of Business and Management (6 ed.)
... A person who holds the legal title to property but who is not its beneficial owner. Usually there are two or more trustees of a trust and for some trusts of land this is necessary. The trustee may not profit from the position but must act for the benefit of the beneficiary, who may be regarded as the real owner of the property. Either an individual or a company may act as trustee. It is usual to provide for the remuneration of trustees in the trust deed, otherwise there is no right to payment. Trustees may be personally liable to beneficiaries for loss...
trustee Quick reference
A Dictionary of Finance and Banking (6 ed.)
... A person who holds the legal title to property but who is not its beneficial owner. Usually there are two or more trustees of a trust and for some trusts of land this is necessary. The trustee may not profit from the position but must act for the benefit of the beneficiary, who may be regarded as the real owner of the property. Either an individual or a company may act as trustee ( see trust corporation ). It is usual to provide for the remuneration of trustees in the trust deed, otherwise there is no right to payment. Trustees may be personally...
trustee Quick reference
A Dictionary of Agriculture and Land Management
... Person (either an individual or corporate body) who holds property on trust for a beneficiary or...
trustee Reference library
The Handbook of International Financial Terms
... . 1 An individual or institution appointed by a borrower or security holder to represent his interests. See covenant ; indenture . 2 The manager of a...
trustee n. Reference library
Garner's Modern English Usage (5 ed.)
... , n. A. And trusty . Trustee /trәs- tee / = a person who, having a nominal title to property, holds it in trust for the benefit of one or more others (the beneficiaries). Trusty / trәs -tee/ , n., is an Americanism meaning “a (trusted) convict or prisoner.” E.g.: “Because five jail trusties , supervised by the St. John Sheriff’s Office, provided the labor, the addition cost taxpayers less than $12,000.” “Room to Grow,” Times-Picayune (New Orleans), 19 Sept. 1997 , at B1. B. And executor . In the context of wills and estates, people...
trustee Quick reference
A Dictionary of Economics (5 ed.)
...trustee An individual or company who is the legal owner of property which he or she administers on behalf of a beneficiary. The beneficiary in turn may be an individual, a charity, the creditors of a bankrupt, or the investors in a unit trust . Trustees may be paid for their services, but are bound to administer the trust in the interests of the beneficiaries and not for their own...
trustee Reference library
Australian Law Dictionary (3 ed.)
...trustee A person who holds trust property on behalf of a beneficiary. The legal estate is vested in the trustee, who assumes, along with the legal interest, a personal fiduciary relationship with the beneficiary, as well as a personal obligation attached to the trust property itself. The obligation is an enforceable equitable interest in the nature of a right in rem ( see action in rem ). If the trustee dies, the trust does not fail; the person in whom the legal estate vests (e.g. the executor of the trustee’s own will) will be treated as the trustee...
custodian trustee Quick reference
A Dictionary of Law (10 ed.)
...trustee A trustee who has care and custody of trust property; other trustees (the managing trustees ) are responsible for its...
judicial trustee Quick reference
A Dictionary of Law (10 ed.)
...trustee A trustee appointed by the court under the Judicial Trustee Act 1906, either as sole trustee or as co-trustee. He is an officer of the court, is subject to the court’s control, and is entitled to such remuneration as the court allows. In practice, the Public Trustee has replaced a trustee appointed under the...
trustee status (UK) Reference library
The Handbook of International Financial Terms
... status (UK) . Those securities which meet the requirements of the ‘wider range’ investments as defined by the Trustee Investments Act, 1961. See also investment grade...
Public Trustee Quick reference
A Dictionary of Law (10 ed.)
...Trustee A public officer, appointed by the Lord Chancellor under the Public Trustee Act 1906, who is a corporation sole under that name and who may act as an executor, the administrator of an estate of a deceased person, a custodian trustee , a judicial trustee , or an ordinary trustee. The Public Trustee cannot accept certain trusts, e.g. those exclusively for charitable or religious purposes, those governed by foreign law, or those involving the management of a business. He has a duty to administer small estates unless there is some good reason for...
pensioneer trustee Quick reference
A Dictionary of Business and Management (6 ed.)
...trustee A person authorized to oversee the management of a pension fund in accordance with the provisions of the Pension Trust...
pensioneer trustee Quick reference
A Dictionary of Finance and Banking (6 ed.)
...trustee A person authorized to oversee the management of a pension fund in accordance with the provisions of the Pension Trust Deed....
public trustee Quick reference
A Dictionary of Business and Management (6 ed.)
...trustee A state official in charge of the Public Trust Office, a trust corporation set up for certain statutory purposes. Being a corporation sole, the office exists irrespective of the person performing it. He or she may act as administrator of small estates, as trustee for English trusts where required, and as receiver when directed to do so by a court. Another duty is to hold funds of registered Friendly Societies and trade...
constructive trustee Quick reference
A Dictionary of Law (10 ed.)
...trustee A person who holds title to property on constructive trust for another. He is not necessarily subject to the same duties and liabilities as the trustee of an express trust, and it is a trusteeship imposed upon him due to his conduct. Until the court concludes that a constructive trust has arisen, the constructive trustee may be unaware that he is holding the property on trust for another. An individual’s status as a constructive trustee is often established by court order or declaration long after the circumstances or conduct giving rise to...
registered trustee Reference library
Australian Law Dictionary (3 ed.)
...registered trustee ( trustee in bankruptcy ) A person registered with ITSA under Bankruptcy Act 1966 (Cth) Part VIII to be a trustee of bankruptcies and Part X arrangements. Registration is made upon application under s 154A. Creditors may appoint a registered trustee to be the trustee of the bankrupt estate in place of the official trustee in bankruptcy : s...
trustee company Reference library
Australian Law Dictionary (3 ed.)
...trustee company A company, association, society, or body of persons separately defined in the legislation of each jurisdiction to regulate the activities of corporations conducting the business of managing trust estates. Such companies are generally declared by proclamation to be trustee companies under the legislation and are listed in a schedule to the Act (e.g. Trustee Companies Act 1953 (Tas) Schedule...
