Person holding property in trust. Restatement, Second, Trusts, No. 3(3).
The person appointed, or required by law, to execute a trust. One in whom an estate, interest, or power is vested, under an express or implied agreement to administer or exercise it for the benefit or to the use of another. One who holds legal title to property "in trust" for the benefit of another person (beneficiary) and who must carry out specific duties with regard to the property. The trustee owes a fiduciary duty to the beneficiary. Reinecke v. Smith, 111., 289 U.S. 172, 53 S.Ct. 570, 77 L.Ed. 1109.
See also bare trustee.
- bankruptcy trustee (See also bankruptcy proceedings
- trustee in bankruptcy.
Bond offering.
The bondholders' representative in a public debt offering. The trustee is responsible for monitoring the borrower's compliance with the terms of the indenture.
@ joint trustees
Two or more persons who are intrusted with property for the benefit of one or more others.
@ judicial trustee
One appointed by a decree of court to execute a trust, as distinguished from one appointed by the instrument creating the trust
@ testamentary trustee
A trustee appointed by or acting under a will; one appointed to carry out a trust created by a will. The term does not ordinarily include an executor or an administrator with the will annexed, or a guardian, except when they act in the execution of a trust created by the will and which is separable from their functions as executors, etc.
@ trustee ad litem
Trustee appointed by a court in contrast to a trustee selected by a settlor or executor
@ trustee de son tort
Person who is treated as a trustee because of his wrongdoing with respect to property entrusted to him or over which he exercised authority which he lacked
@ trustee ex maleficio
A person who, being guilty of wrongful or fraudulent conduct, is held by equity to the duty and liability of a trustee, in relation to the subjectmatter, to prevent him from profiting by his own wrong.
See trust (trust ex maleficio)
@ trustee in bankruptcy
A person in whom the property of a debtor is vested in trust for the creditors.
See Bankruptcy Code, No. 321 et seq.; 28 U.S.C.A. No. 581 et seq
- trustee process

Black's law dictionary. . 1990.


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