trustee

noun
trust·​ee | \ ˌtrə-ˈstē How to pronounce trustee (audio) \

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

Business executive Nitin Sahney has resigned from the University of Louisville board of trustees, a spokesman for Gov. Matt Bevin confirmed Thursday afternoon. Morgan Watkins, The Courier-Journal, "University of Louisville trustee Nitin Sahney resigned from the board," 12 Sep. 2019 For these four trustees to state that the OCR process was complete and there is nothing left to be done is deceitful, and pointedly ignores the requests and input from survivors, as well as best practices. David Jesse, Detroit Free Press, "Nassar survivors: MSU president must act after 'complete betrayal' from board members," 9 Sep. 2019 The year-end figures, discussed Thursday in a committee meeting of the Permanent Fund Corp.’s board of trustees, show that the system worked as intended during its inaugural year. James Brooks, Anchorage Daily News, "Permanent Fund grows in first year of new system despite spending billions on state services and dividend," 8 Sep. 2019 The Manitou Fund’s board of trustees is composed of McNeely’s children and officers and employees of Space Center. Mary Divine, Twin Cities, "Science Museum’s Warner Nature Center in Washington County to be shuttered," 5 Sep. 2019 Takahashi is a nonprofit consultant who served on the Burbank Civic Pride Committee and the local library’s board of trustees. Anthony Clark Carpio, Burbank Leader, "Burbank Infrastructure Oversight Board meets for first time," 23 Aug. 2019 Today, Leadership ISD, the organization Arvanitis created out of that frustration, is relishing a trio of school board victories for trustees who vow to focus solely on student achievement -- not politics, grandstanding or other silly distractions. Jamie Hancock, Dallas News, "Ads target Cruz, 'anti-gay' lawmakers; D-FW could decide who runs the Texas House; Dallas council member's death," 18 July 2019 Once complete, train cars will pass within inches of the steel frames, Schipper told the trustees. Courtney Astolfi, cleveland.com, "RTA Red Line between West 117th and West Boulevard expected to re-open by late August," 16 July 2019 For trustee Jamie Soneberg, the topic could be a particularly sensitive area. Jim Riccioli, Milwaukee Journal Sentinel, "Could Big Bend's fire department be disbanded, or consolidated? Village officials aren't talking," 1 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

10 Oct 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 How to pronounce trustee (audio) \

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 How to pronounce trustee (audio) \

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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