Trust companies may have commercial banking departments, and commercial banks may have trust departments. A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust or corporate trust is a large grouping of business interests with significant market power, which may be embodied as a corporation or as a group of corporations that cooperate with one another in various ways. Trust company definition: a commercial bank or other enterprise organized to perform trustee functions | Meaning, pronunciation, translations and examples no memberof a trust companyshall at any time hold shares in the capital of the company to an amount -fifth of the issued capital of the company for the time being (except where the trust company is a subsidiary of a bank within the meaning of section 2 of the Banking Ordinance). Information and translations of trust company in the most comprehensive dictionary definitions resource on the web. A two-stage test applies in relation to trust company business for the purposes of the 1998 Law. Enrich your vocabulary with the English Definition dictionary trust corporation synonyms, trust corporation pronunciation, trust corporation translation, English dictionary definition of trust corporation. Please liaise with the bank direct regarding the guarantee. trust company definition in English dictionary, trust company meaning, synonyms, see also 'trust',brains trust',charitable trust',discretionary trust'. ... trust corporation translation, English dictionary definition of trust corporation. How to use trust in a sentence. 3. Meaning of trust company. The insured as settlor creates a trust by entering into a contract with the insurance company in favor of a trustee. The trustee is given the duty to support the beneficiary of this trust from the proceeds during the beneficiary's life. The trust, called an insurance trust, is created when the insurance company issues its policy. Trust company, corporation legally authorized to serve as executor or administrator of decedents’ estates, as guardian of the property of incompetents, and as trustee under deeds of trust, trust agreements, and wills, as well as to act in many circumstances as an agent. Definition of trust company in the Definitions.net dictionary. What does trust company mean? Trust company business Financial service business is defined in the 1998 Law to include trust company business. Define trust corporation. “A person being a company-the purpose of which is (i) solely to provide trust company business services in respect of a specific trust or trusts; or (ii) to act for that purpose and to act as a member of the council of a foundation or of foundations (otherwise than as a qualified member, as that term is defined by the Foundations (Jersey) Law 2009);
Trust definition is - assured reliance on the character, ability, strength, or truth of someone or something.