trustee

noun
trust·ee | \ ˌtrə-ˈstē \

Definition of trustee 

(Entry 1 of 2)

1a : a natural or legal person to whom property is legally committed to be administered for the benefit of a beneficiary (such as a person or a charitable organization)

b : one (such as a corporate director) occupying a position of trust and performing functions comparable to those of a trustee

2a : one to whom something is entrusted

b : a country charged with the supervision of a trust territory

3 : trusty

trustee

verb
trusteed; trusteeing

Definition of trustee (Entry 2 of 2)

transitive verb

: to commit to the care of a trustee

intransitive verb

: to serve as trustee

Examples of trustee in a Sentence

Noun

They were named as trustees to the child's estate. the museum's board of trustees

Recent Examples on the Web: Noun

That addition alone could cost an estimated $225,000, Bevel told trustees. Shelby Webb, Houston Chronicle, "Santa Fe ISD trustees to vote on high school security upgrades," 10 July 2018 Goldman told trustees prior to their deliberations. Rick Kambic, chicagotribune.com, "Following prostitution arrest, Mundelein suspends spa's business license," 10 July 2018 Pruitt is a Southern Baptist and a trustee of the Southern Baptist Theological Seminary. Tara Isabella Burton, Vox, "Scott Pruitt’s parting words to Trump: you are president “because of God’s providence”," 6 July 2018 Then two allegations came to light that Patterson had not gone to police when a rape was reported to him, and the trustees of Southwestern Baptist Theological Seminary fired him from his post as president of the seminary. Julie Zauzmer, Washington Post, "Angry donors threaten to withhold money from seminary that fired Paige Patterson," 4 July 2018 Aaron and Laura Boone sold the house as trustees of the Boone Living Trust. Robert Gundran, azcentral, "Arizona Diamondbacks pitcher, retired Detroit Lion buy Paradise Valley houses," 2 July 2018 His daughter, Sloan Barnett, an author and former prosecutor, chairs the board of trustees of the California Pacific Medical Center Foundation. James R. Hagerty, WSJ, "George Lindemann Made Bold Investments in Cable TV, Mobile Phones and Pipelines," 29 June 2018 Lee-Sung told trustees during Tuesday’s board meeting. Priscella Vega, latimes.com, "Report details Newport-Mesa’s steps to ramp up school safety," 28 June 2018 By suing, Buzz Aldrin seeks to remove Andy Aldrin as the controlling trustee of his estate and to gain full access to his space memorabilia. Eric Berger, Ars Technica, "Buzz Aldrin returns to Twitter, sues his son and former manager," 23 June 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'trustee.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of trustee

Noun

1636, in the meaning defined at sense 2a

Verb

1818, in the meaning defined at transitive sense

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Statistics for trustee

Last Updated

29 Aug 2018

Look-up Popularity

Time Traveler for trustee

The first known use of trustee was in 1636

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More Definitions for trustee

trustee

noun

Financial Definition of trustee

What It Is

A trustee holds or manages cash, assets or a property title for a beneficiary. The trustee has a fiduciary duty to act in the best interest of the beneficiary.

Trustees play an important role for businesses and individuals. In many cases, trustees make sure that assets held on behalf of individuals or companies are not misused.

How It Works

Let's assume Company XYZ issues $100 million of bonds. Company XYZ will appoint a trustee, usually a bank, to act on behalf of the bondholders. The trustee maintains lists of the bondholders in addition to receiving and distributing interest payments. The trustee also monitors Company XYZ's compliance with the agreements and communicates with the bondholders when the issuer is not in compliance.

Companies often involve trustees in debt offerings, mergers, and other situations involving two parties, a large amount of money, and conditions under which the money moves between the parties.

Why It Matters

In our example, the trustee is effectively the go-between for Company XYZ and the bondholders (but its allegiance is to the bondholders), and the trustee receives a fee from Company XYZ for performing this role. The presence of a trustee also gives Company XYZ a single point of contact for the bondholders and eliminates a considerable amount of administrative work for Company XYZ.

As mentioned earlier, the trustee's job is to act in the best interests of the beneficiary. This responsitrusteelity is called fiduciary duty, and the trustee is legally obligated to uphold this duty. If the trustee fails to do so, they could be legally liable for damages.

Source: Investing Answers

trustee

noun

English Language Learners Definition of trustee

: a person or organization that has been given responsibility for managing someone else's property or money through a trust

: a member of a group that manages the money of an organization

trustee

noun
trust·ee | \ ˌtrə-ˈstē \

Kids Definition of trustee

: a person who has been given legal responsibility for someone else's property

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trustee

noun
trust·ee | \ ˌtrəs-ˈtē \

Legal Definition of trustee 

(Entry 1 of 2)

1 : one to whom something is entrusted : one trusted to keep or administer something: as

a : a member of a board entrusted with administering the funds and directing the policy of an institution or organization

b : a country charged with the supervision of a trust territory

2a : a natural or legal person to whom property is committed to be administered for the benefit of a beneficiary (as a person or charitable organization) : the holder of legal title to property placed in a trust — compare cestui que trust, settlor

b : one (as a corporate director) occupying a position of trust and performing functions comparable to those of a trustee

c : trustee in bankruptcy

Other words from trustee

trusteeship noun

trustee

verb
trusteed; trusteeing

Legal Definition of trustee (Entry 2 of 2)

transitive verb

: to commit to the care of a trustee

intransitive verb

: to serve as trustee

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Comments on trustee

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