Custodian Trustee - Definition - Law Dictionary Home Dictionary Definition custodian-trustee

Definition :

Custodian trustee, a trustee appointed under the Public Tustee Act, 1906, s. 4, to hav the custody as distinct from the management of the trust estate. The appointment may be made by the Court or the settlor or the donee of the power of appointing new trustees, but the only persons eligible are the Public Trustee, or some banking or insurance company or other body corporate entitled by the rules made under the Act to act as custodian trustee, e.g., (English) Public Trustee (Custodian Tustee Rules,1926 (S. R. & O. 1926, No. 1423/L. 37). See Re Cherry's Trusts, (1914) 1 Ch 83, and TRUST CORPORATION.