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trust fund |
Also found in: Dictionary/thesaurus, Legal | 0.12 sec. |
trust fundProperty (e.g, money or securities) held in a trust; that is, property held legally by one party (the legal owner) for the benefit of another party (the equitable owner). The legal owner, or trustee, has the right of possession and the right of use of the property, but must exercise those rights to the benefit of the equitable owner, or beneficiary. In Anglo-American law, trust funds are set up principally for family settlements and for charitable giving. In the commercial sector, trust funds are often set up to provide for employee pensions and profit-sharing programs. |
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? Mentioned in | ? References in periodicals archive | ||
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| The overwhelming voter approval of Proposal 1 prevents raids on the nine conservation and recreation trust funds that are derived from hunting and fishing license sales, snowmobile and off-road vehicle use permits, boat launching fees, as well as the state excise tax on motorboat fuel. The Monthly Statistical Snapshot summarizes the information about the programs and the trust funds presented in the more detailed tables. Morris writes that after 2018 "the trust funds will have to start digging into their accumulated surpluses," which he claims have been mounting for the last twenty years. |
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trust funds
