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

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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

Ohio State announced the probe would wrap up on Sunday and the findings would be given to the school board of trustees in the coming days, USA Today reported. Kathleen Joyce, Fox News, "Ex-Ohio State coach Zach Smith took lewd photos at White House, ordered numerous erotic toys: report," 18 Aug. 2018 Strong, a longtime Crown Point police officer and former Center Township trustee and board member, was appointed to the council in 2013. Craig Lyons, Post-Tribune, "Strong concedes Lake County primary race to GOP challenger," 19 June 2018 Experience: Chula Vista City Council 1986-91 and mayor 1991-94; foreign aid volunteer in Central Asia 2001--2002; Southwestern College board of trustees and two terms as president since 2010. Pauline Repard, sandiegouniontribune.com, "4 attorneys vying to unseat Judge Kreep after censureship," 29 May 2018 Olivia is the executive chairwoman of the board of trustees of some company that is both charitable and economically formidable. Brennan Kilbane, Allure, "Inside Real Housewives of Atlanta Star Porsha Williams's Wig Room," 18 May 2018 Breakfast and news - Olmsted Township trustees and the Olmsted Chamber of Commerce invite community business owners and operators to a continental breakfast from 8-9:30 a.m. May 30 at the Olmsted Township fire station. Joanne Berger Dumound/special To Cleveland.com., cleveland.com, "Art creativity thrives in Olmsted Falls schools and community: Olmsted Dates and Data," 14 May 2018 Before forming the search committee, Long Wharf created a transition committee consisting of theater trustees and staff members. Christopher Arnott, courant.com, "Long Wharf Begins Search For New Artistic Director," 8 May 2018 Bevin appointed the founder of Papa John's as a trustee in early 2017, and Schnatter's term was set to last until January 2022. Morgan Watkins, The Courier-Journal, "Bevin gets to pick John Schnatter's replacement on U of L board," 13 July 2018 According to a contract approved by village trustees in February, the village was able to sell its 13 docking stations and other related equipment to the city of Chicago for $147,298.53. Steve Schering, chicagotribune.com, "Oak Park sells former Divvy stations for $140K; forest preserves offering dockless bike sharing in River Forest," 10 July 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

14 Feb 2019

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

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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More from Merriam-Webster on trustee

Rhyming Dictionary: Words that rhyme with trustee

Spanish Central: Translation of trustee

Nglish: Translation of trustee for Spanish Speakers

Britannica English: Translation of trustee for Arabic Speakers

Britannica.com: Encyclopedia article about trustee

Comments on trustee

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