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

Sarofim, chair of the museum’s board, and Lee, a curator and Menil trustee, have spearheaded the project. Natasha Wolff, Town & Country, "The Menil Drawing Institute Might Be America's Most Exciting New Museum," 2 Nov. 2018 Current and former museum officials, as well as museum trustees, either spoke in vague appreciation of Ebsworth’s previous donations or declined to comment. David Gutman, The Seattle Times, "Multimillion-dollar art collection, once promised to SAM, now up for auction at Christie’s," 14 Nov. 2018 Some are trustees, keeping an eye on church finances and making sure bills get paid. Corey Williams, Fox News, "For black women at church, it's more than the Aretha eulogy," 9 Sep. 2018 Spearheaded by Jefferson Township trustee Lonnie Todd, volunteers pitched in to get the gym game-ready. Kyle Neddenriep, Indianapolis Star, "An Indiana gym gem: Restoration of Pleasantville gym a pleasant surprise," 12 July 2018 The University of Louisville also said Wednesday that Schnatter resigned from its board of trustees, effective immediately. Candice Choi, chicagotribune.com, "Papa John is gone, but his image is still entwined with pizza chain," 12 July 2018 But Vela is the board’s first openly gay trustee, which some hailed as a milestone. Teresa Watanabe, latimes.com, "L.A. Community College trustees assailed for seating a Latino man over three African American women," 12 July 2018 The state’s education commissioner had suspended the district’s elected trustees, who had been paralyzed by a 3-3 voting deadlock, but reinstated two of them on Monday. Krista Torralva, San Antonio Express-News, "Two years after takeover, state eases control of Edgewood ISD," 2 July 2018 Included in the findings was that Penn’s first provost, William Smith, was among the 75 early trustees (out of 121) who owned slaves. Susan Snyder, Philly.com, "Penn's 'profoundly painful' past: At least 75 of the school's earliest trustees owned slaves," 29 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

19 Dec 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

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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