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The trustee must also keep adequate records of the administration of the trust generally. [66] All trust property must stay separate from the trustee's own personal property and must not be "commingled." [67] A trustee can hold certain securities, usually publicly traded ones, in a "street name" or nominee registration for ease of management. [68]
The U.S. Trustee's office conducts the first meeting of creditors in a Chapter 11 case. Most Chapter 11's do not require the appointment of a trustee: however, in those cases which do, the U.S. Trustee oversees the appointed trustee's handling of the case and, for good cause, can seek the removal or replacement of the trustee.
The trustee model of representation is a model of a representative democracy, frequently contrasted with the delegate model of representation. [1] In this model, constituents elect their representatives as ' trustees ' for their constituency .
Continue reading → The post Trustor vs. Trustee: What’s the Difference? appeared first on SmartAsset Blog. Trusts are a useful tool for financial and estate planning, allowing a family to set ...
Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, [1] the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government.
A trustee has a duty to know, understand, and abide by the terms of the trust and relevant law. The trustee may be compensated and have expenses reimbursed, but otherwise turn over all profits from the trust and neither endebt nor riskily speculate on the assets without the written, clear permission of all adult beneficiaries.
The federal government of the United States (U.S. federal government or U.S. government) [a] is the common government of the United States, a federal republic located primarily in North America, comprising 50 states, five major self-governing territories, several island possessions, and the federal district (national capital) of Washington, D.C ...
Section 211 of The Securities Exchange Act of 1934 mandated that the SEC conduct various studies. Although not expressly required to study the trustee system then in use for the issuance of debt securities, William O. Douglas, who would later become a Commissioner and then Chair of the SEC, was convinced by November 1934 that the system needed legislative reform.