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Massachusetts Trust |
Also found in: Financial | 0.01 sec. |
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A business arrangement that is used in place of a corporation or partnership in which trustees hold title to property for the advantage of beneficiaries for investment purposes. A Massachusetts trust is another name for a common-law trust or a Business Trust, which offers its beneficiaries limited financial liability in transactions in which it engages. Massachusetts Trust n. a business in which the investors give management authority to a trustee, and receive "trust certificates" representing their investments. Since they own only the certificates and do not participate in management, the investors can only lose their investment and are not personally liable for any debts of the trust. This is similar to a "limited partnership." A Massachusetts Trust is strictly a business entity and bears no relationship to a personal trust like living and testamentary trusts set up to manage and protect the assets of individuals and provide for eventual distribution. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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