Legal Dictionary of Pakistan

Bankruptcy trustee

the person appointed by the u.s. trustee and approved by the bankruptcy court to take charge of and administer the debtor's estate during bankruptcy proceedings. - also termed trustee in bankruptr see, united states trustee.

Bare trustee.

See trustee (1).

Cotrustee

One of two or more persons in whom the administration of a trust is vested. ( The cotrustees form a collective trustee and exercise their powers jointly. - Also termed joint trustee. See TRUSTEE. "Coterellus.... A cottager. Considered by Spelman and others, the same with cotarius. But Cowell makes the distinction that the cotarius had free socage tenure, and paid a stated firm (rent) in provisions or money, with some occasional customary service; whereas the coterellus seemed to have held in mere villenage, and had his person and issue and goods disposed at the pleasure of the lord." 1 Alexander M. Burrill, A Law Dictionary and Glossary 387 (2d ed. 1867).

Trustee

U.S. See UNITED STATES TRUSTEE,

Trusteeship

1. The office, status, or function of a trustee. 2. Int'L law. Administration or supervision of a territory by one or more countries, esp. under a U.N. commission. Cf. MANDATE (6).

United States trustee

A federal official who is appointed by the Attorney General to perform administrative tasks in the bankruptcy process, such as appointing bankruptcy trustees in Chapter 7 and Chapter 11 cases. See BANKRUPTCY TRUSTEE.

bare trustee

A trustee of a passive trust. ( A bare trustee has no duty other than to transfer the property to the beneficiary. See passive trust under TRUST.

board of trustees.

See BOARD OF DIRECTORS.

corporate trustee

A corporation that is empowered by its charter to act as a trustee, such as a bank or trust company.

domicile of trustee

The domicile where a trustee is appointed.

indenture trustee

A trustee named in a trust indenture and charged with holding legal title to the trust property; a trustee under an indenture.

interim trustee

A bankruptcy trustee appointed to perform all the functions and duties of a trustee until the regular trustee is selected and qualified. ( Before the meeting of creditors, the interim trustee often preliminarily investigates the debtor's assets and financial affairs.

joint trustee

See COTRUSTEE.

judicial trustee

A trustee appointed by a court to execute a trust.

quasi-trustee

See TRUSTEE (1).

quasi-trustee. One who benefits from a breach of a trust to a great enough degree to become liable as a trustee.

successor trustee

A trustee who succeeds an earlier trustee, usu. as provided in the trust agreement.

testamentary trustee

See TRUSTEE (1).

township trustee

One of a board of officers to whom, in some states, a township's affairs are entrusted.

trustee ad litem

A trustee appointed by the court.

trustee de son tort

See TRUSTEE.

trustee ex maleficio

A person who is guilty of wrongful or fraudulent conduct and is held by equity to the duty of a trustee, in relation to the subject matter, to prevent him or her from profiting from the wrongdoing. 2. Bankruptcy. An officer of the court who is elected by creditors or appointed by a judge to act as the representative of a bankruptcy estate. ( The trustee's duties include (1) collecting and reducing to cash the assets of the estate, (2) operating the debtor's business with court approval if appropriate to preserve the value of business assets, (3) examining the debtor at a meeting of creditors, (4) filing inventories and making periodic reports to the court on the financial condition of the estate, (5) investigating the debtor's financial affairs, (6) examining proofs of claims and objecting to improper claims, (7) furnishing information relating to the bankruptcy to interested parties, and (8) opposing discharge through bankruptcy, if advisable. - Also termed (in sense 2) bankruptcy trustee; trustee in bankruptcy.

trustee in bankruptcy

See BANKRUPTCY TRUST EE.

trustee process

See FACTORIZING PROCESS.