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Revision as of 16:38, 11 March 2005 by Ellsworth (talk | contribs) (→United States: wlink Bankruptcy Code)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)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. With respect to most private trusts, the trustee holds legal title to the trust property, is the representative of the trust, and has the capacity to sued and be sued on behalf of the trust.
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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