Examples of trustee in a Sentence
They were named as trustees to the child's estate.
the museum's board of trustees
Recent Examples of trustee from the Web
Mills is a former president of Bowdoin College, and McQuillan serves on its board of trustees.
For Justice of the Peace, Precinct. 5, Place 2, two-term incumbent Jeff Williams is up against Mike Wolfe, who serves on the Harris County Department of Education’s board of trustees.
The Ackerman scholarship, named after a former member of the board of trustees, will cover tuition for full-time undergraduate students of CAU who are citizens or permanent U.S. residents, the university said in a news release.
Theobald resigned from Temple in 2016 as the board of trustees was preparing to meet to vote on dismissing him.
The university’s board of trustees agreed to the settlement terms Tuesday night.
Print subscribers get a password for your existing account here On Tuesday, the district’s board of trustees voted unanimously to name Bashara, now an assistant superintendent for elementary education, as their choice for the top post.
Reeves is on the society's board of trustees, according to its website.
At the same time, the university's board of trustees decided to keep the Wilson name on its school of public and international affairs.
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.
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.
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.
TRUSTEE Defined for English Language Learners
: 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 Defined for Kids
Seen and Heard
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