Definition of Trust company:
A company formed to act as a trustee or to deal with trusts.
Business organized specifically for entering into fiduciary relationships with individuals and organization to as act as an executor, guardian, or trustee in administration of custodial arrangements, estates, and trust funds. Trust companies also act as fiscal agents and paying agents for corporations and governments who have issued bonds and provide services such as estate planning, stock registration, share transfer, etc. Called trust corporation in the UK.
A trust company is a legal entity that acts as a fiduciary, agent, or trustee on behalf of a person or business for the purpose of administration, management, and the eventual transfer of assets to a beneficial party. The trust company acts as a custodian for trusts, estates, custodial arrangements, asset management, stock transfer, beneficial ownership registration, and other related arrangements.
Although trusts often have an individual assigned as the trustee, a trust company can also act in the same capacity. A trust company does not own the assets its customers assign to its management, but it may assume some legal obligation to take care of assets on behalf of other parties.
Synonyms of Trust company
Bank of England, Bank of France, Federal Reserve bank, International Monetary Fund, Lombard Street bank, Swiss bank, World Bank, Bank, Branch bank, Central bank, Clearing house, Commercial bank, Farm loan bank, Federal land bank, Investment bank, Member bank, Moneyed corporation, Mutual savings bank, National bank, Nonmember bank, Reserve bank, Savings bank, State bank
How to use Trust company in a sentence?
- They were a really good trust company and I knew that we could trust them with our time and even our information.
- Rather than sell a small noncontrolling stake, the trust company figured selling its entire stake would bring a higher price per share, a so-called control premium.
- A trust company acts as a custodian for trusts, estates, custodial arrangements, asset management, stock transfer, and beneficial ownership registration.
- You may want to do business through a trust company so that you know all of the affairs are handled properly.
- A trust company is typically tasked with the administration, management, and the eventual transfer of assets to beneficiaries.
- You should set up a trust company if you want to distance yourself between certain things that your business may do.
- Trusts are managed for profit, which it may take out of the assets annually or upon transfer to the beneficial third party.
- A trust company is a legal entity that acts as a fiduciary, agent, or trustee on behalf of a person or business for a trust.
Meaning of Trust company & Trust company Definition