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.

References in periodicals archive ?
Trust Company also received an "outstanding" rating from the New York State Banking Department, as of April 2000.
Overview: In the 2002 Evaluation, (23) Trust Company received "outstanding" ratings under the lending, investment, and service performance tests.