Trust Company

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Trust Company

A corporation formed for the purpose of managing property set aside to be used for the benefit of individuals or organizations.

The settlor (the individual who creates the trust) names the trust company in order to ascertain that the property will be handled in accordance with his or her wishes as delineated in the terms of the trust.

Trust companies sometimes act as fiscal agents for corporations by attending to the registration and transfer of their stocks and bonds, serving as a trustee for their bond and mortgage creditors, and transacting general banking and loan business.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
"Any time you start talking about investments especially after the [market] hits since 2008 and 2009, I think there has been more of a value placed on the recognition of what trust companies can bring," Oakland said.
* BECU Trust considered local trust companies as merger candidates.
The waters were further muddied when trust companies added services and foreign banks started attracting more Canadian customers.
It is a joint effort between Canada's nine major banks, caisse populaires and trust companies.
The change in laws certainly has attracted trust companies. In the last 10 years, the number of trust companies (and banks with trust departments) has grown from 17 in 2002 to 33, but it's not clear how many jobs that activity has spawned.
Since New Hampshire reformed its trust laws, the number of nondepository trust companies looted here has doubled, from 16 to 32.
Prior to the creation of family fiduciary service companies, there were two types of trust companies in New Hampshire--depository and nondepository.