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| Under the US ] code, a trustee is the person charged with responsibility to collect the property of the bankrupt person or company, and distribute the proceeds to creditors in the priority prescribed by law. See ]. | Under the US ] code, a trustee is the person charged with responsibility to collect the property of the bankrupt person or company, and distribute the proceeds to creditors in the priority prescribed by law. See ]. | ||
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Revision as of 18:55, 8 March 2005
The word trustee is a legal term that refers to a member of a trust, which can be set up for any of a variety of purposes, and is entrusted with the administration of property on behalf of others.
In the case of charities in the UK, a trustee is an unpaid volunteer who undertakes fiduciary responsibilites on behalf of the charity, subject to the provisions of the Charities Act 1993, which is regulated by the Charity Commission.
UK Legislation
- Trustee Delegation Act 1999 specifically covers matters to do with land.
- Trustee Act 1925
- Trusts of Land and Appointment of Trustees Act 1996
- Trustee Act 2000
- Charities Act 1993
United States
Under the US bankruptcy code, a trustee is the person charged with responsibility to collect the property of the bankrupt person or company, and distribute the proceeds to creditors in the priority prescribed by law. See United States Trustee.
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