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Random Trust Law Fun Facts according to the Deluxe Black’s Law Dictionary Sixth Edition – For those Interested in Broader Study. For Entertainment Purposes Only! Does Not Change the Expressions and Arrangements of any Everlasting Exclusive Equity Trust Arrangement!
Trust. A legal entity created by the grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust corpus assets and income for the economic benefit of all the beneficiaries.
Trusteeship. Fiduciary relationship between trustee and beneficiary wherein trustee holds title to property for the benefit of the beneficiary.
Trust Fund. Money or property set aside as a trust fund for the benefit of another and held by a trustee. The majority of states have adopted the Uniform Common Trust Fund Act.
Trust Indenture. The document which contains the terms and conditions which govern the conduct of the trustee and the rights of the beneficiaries. Commonly used when a corporation floats bonds.
Trust Instrument. The formal document which creates the trust and contains the powers of the trustees and the rights of the beneficiaries. It may be a deed in trust or a formal declaration of trust.
Trust Officer. The Official or Officer in a trust company who has direct charge of funds administered by it in its capacity as trustee.
Trustor. One who creates a trust. Also called a settlor.
Trust Property. The property which is the subject matter of the trust. The trust res (q.v.) [Quod Vide: to wit, for which see elsewhere]. See also Principal.
Trust Res. The property of which the trust consists. It may be real or personal and the trustee has legal title. See also Principal.
Trust Territory. A territory or colony placed under the administration of a country by the United Nations.
Trusty. A prisoner who, because of good conduct, is given some measure of freedom in and around the prison.
Truth. There are three conceptions as to what constitutes “truth”: agreement of thought and reality; eventual verification; and consistency of thought with itself. For “Fact” and “Truth” distinguished, see Fact.
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