Trust Fund - Law Dictionary Search Results
Home Dictionary Name: trust fund Page 1 of about 33 results (0.003 seconds)Trust Funds
Trust Funds. In addition to the securities mentioned in the instrument creating the trust, trustees may invest trust funds in securities specified in the Trustee Act, 1925, unless expressly forbidden by the trust deed. The effect of the Trusts (Scotland) Act, 1921, on Scots trusts should be noted. With regard to funds in Court, see R.S.C., Ord. XXII., r. 17, and County Courts Act, 1934, ss. 52 (3), 158...
trust fund doctrine
trust fund doctrine : a doctrine holding that shareholders to whom assets of an insolvent corporation have been transferred are liable to creditors upon dissolution of the corporation ;broadly : a doctrine holding that corporate assets are held as a trust fund for the benefit of shareholders and creditors and that corporate officers have a fiduciary duty to deal with them properly ...
common trust fund
common trust fund see fund ...
trust fund
trust fund see fund ...
fund
fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...
Trust
Trust, is a comprehensive expression, as covering not only the relationship of trustee and beneficiary but also that a bailor and bailee master and servant pledger and pledgee, guardian and ward and all other relations which postulate the existence of fiduciary relationship between the complainant and the accused, State v. K.P. Jain, (1983) 2 Crimes 947 (All).Trust, is a trust for public purposes, the substances and primary intention of the creator must be seen, Shabbir Husain v. Ashiq Husain, AIR 1929 Oudh 225.Trust, is an obligation annexed to ownership. A trustee holds property 'subject' to an obligation, which the testator has imposed upon him, Mahadeo Ramchandra v. Damodar Vishwanath, AIR 1957 Bom 218: (1957) 59 Bom LR 478.Means any arrangement whereby property is transferred with intention that it be administered for another's benefit is a trust. It casts an obligation on the trustee to use the property for achieving the purpose for which the trust is created, Baba Jamuna Das Mah...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Breach of trust
Breach of trust, a violation of duty by a trustee, executor, or other person in a fiduciary position.In some cases a breach of trust may be a comparatively venial offence, arising from the trustee having honestly misconstrued the deed or will creating the trust either as to the persons entitled, or as to his powers of investment of or dealing with the trust property, or having otherwise erred in the discharge of his strict duty; in other cases he may have been guilty of negligence or carelessness involving at least some degree of moral blame; or, in other cases again, he may have committed some gross fraud. But in all these cases alike the trustee is personally responsible at the suit of the beneficiaries for any loss which may have resulted, and the rules of equity on the subject were extremely strict and were enforced with great severity by the Court of Chancery. In later times, however, the Court was not quite so astute in fixing honest trustees with liability for breach of trust as...
trustee
trustee 1 : one to whom something is entrusted : one trusted to keep or administer something: as a : a member of a board entrusted with administering the funds and directing the policy of an institution or organization b : a country charged with the supervision of a trust territory 2 a : a natural or legal person to whom property is committed to be administered for the benefit of a beneficiary (as a person or charitable organization) : the holder of legal title to property placed in a trust compare cestui que trust, settlor b : one (as a corporate director) occupying a position of trust and performing functions comparable to those of a trustee c : trustee in bankruptcy trust·ee·ship n vb trust·eed trust·ee·ing vt : to commit to the care of a trustee vi : to serve as trustee ...
superfund
superfund The program that funds and administers the cleanup of hazardous waste sites through a trust fund (financed by taxes on petroleum, chemicals and corporations), created to pay for cleanup pending reimbursement from liable parties. Source: FindLaw ...
- << Prev.
- Next >>