trustee

(redirected from Co-trustee)
Also found in: Dictionary, Thesaurus, Medical, Legal, Financial.

trustee

1. a person to whom the legal title to property is entrusted to hold or use for another's benefit
2. a member of a board that manages the affairs and administers the funds of an institution or organization

trustee

A user or group of users that has been given access rights to files on a network server. See also TRUSTe.
References in periodicals archive ?
This step is unnecessary, however, if there is only one deemed owner who is also either the trustee or a co-trustee (compare Regs.
Union Bank claimed that ERISA-based contractual indemnity clauses in the Corporate Co-Trustee Agreement and Securities Lending Agreement between Union Bank and the board of trustees shielded the bank from liability.
Harms joined Mercer Capital in 1999 and serves as a senior vice president and co-trustee of the company's Employee Stock Ownership Plan.
A corporate Co-Trustee can be named, granted removal power and be required to appoint a successor Co-Trustee named in the Trust.
BWT will act as a trustee, co-trustee or agent in trust administration.
If the advisor or its related person is a co-trustee, the advisor shall be relieved of the surprise examination requirement if the co-trustee is a qualified custodian or the trust grantor (which will not be applicable for irrevocable trusts).
In Waverly, a Virginian court used the unity of action rationale to justify the application of the release rule to trustees, finding that a co-trustee's liability was discharged by a release of another co-trustee notwithstanding that the parties did not intend to discharge that other wrongdoer.
It has been held that a co-trustee who has the right to elect a settlement option has a power to effect the time and manner of enjoyment of the policy proceeds insuring himself (i.
Their younger son will be co-trustee of the special needs trust along with a MassMutual corporate trustee.
Further, the legislation allows for the delegation of investment functions to a qualified co-trustee even if the settlor reasonably expected the co-trustees to perform certain functions jointly; and applies the fiduciary delegation rules of [section]518.
Note: Certain states may prohibit a trustee-beneficiary from exercising distribution powers, even for health, education, maintenance and support, requiring the appointment of a nonbeneficiary co-trustee.