Trust Receipt

A document by which one individual lends money to purchase something and the borrower promises to hold the item for the benefit of the lender until such time as the debt is paid.

A trust receipt was a device used before the adoption of the Uniform Commercial Code (UCC); it is now governed by Article 9 of the UCC, which concerns Secured Transactions. A trust receipt stated that the buyer had possession of the goods for the benefit of the financier. Currently there ordinarily must be a security agreement, together with the filing of a financing statement, to protect a lender's interest in goods purchased on credit by a buyer.

Mentioned in ?

Uniform Commercial Code

References in periodicals archive ?

--$27.4 million enterprise system trust receipts series 2011-1.

Fitch Affirms Brunswick Electric Membership Corp., NC at 'A+'; Outlook Stable

In 2013, the BSP made some improvements to the EDYRF by adding eligible collaterals for export-import financing, such as dollar-denominated trust receipts covering the importation of goods and materials, and term loans to finance capital expenditures or plant expansion or modernization projects.

Banks encouraged to buy forex needs from BSP facility

These include the following: (a) BSP-reported/registered short-term (ST) trade-related loans from eligible banks; (b) medium or long-term trade-related FCDU (foreign currency deposit unit) or RBU (regular banking unit) loans with payments maturing within 90 days as of date of application; (c) ST trade-related borrowings of oil companies from offshore banking units (OBUs); and (d) US dollar trust receipts, among others.

BSP okays currency risk protection scheme rules

"In most cases, SMEs in trading and manufacturing get bank facilities -- mainly letter of credit (LCs) and trust receipts (TRs) -- at between 6 to 14 per cent annum," said Jitendra Gianchandani, chairman of Jitendra Consulting Group (JCG).

SMEs should bide their time while shopping for loans

Changes to one or both of these ratings may affect the Long-term rating assigned to the floater and residual certificates and custodial trust receipts.

Fitch Rates RBC Municipal Products Trust, Series G-60, G-61, G-62, G-63 and G-64

These include: Short-term trade-related loans; medium/long-term trade-related foreign currency deposit unit/regular banking loans with payments maturing within 90 days; short-term trade-related borrowings of oil companies from offshore banking units; and US dollar trust receipts.

Peso to start recovery in October - Guinigundo

The financing includes before and after shipping facilities, loans against trust receipts, discounted bills, payments for receivable amounts and discounted export bills.

ODB disburses RO205m loans to businesses

The long-term 'AA'/Outlook Stable rating assigned to series G-57 and G-58 Custodial Receipts are based on the rating that Fitch has assigned to the Royal Bank of Canada, acting through a New York branch, (RBC; AA/F1+/Stable) the provider of the irrevocable direct-pay letter(s) of credit (LOCs), which secures the trust receipts deposited in the trusts that have a stated expiration date of Sept.

Fitch Rates RBC Municipal Products Trust, Series G-55, G-56, G-57, G-58 and G-59

The SBL may be increased by an additional 10% provided that the additional liabilities are adequately secured by trust receipts, shipping documents, warehouse receipts and similar documents.

SBL overview

The long-term 'AA'/Outlook Stable ratings assigned to the series G-50, G-53, G-54 Custodial Receipts are based on the rating that Fitch has assigned to the Royal Bank of Canada, acting through a New York branch, (RBC; AA/F1+/Stable) the provider of the irrevocable direct-pay letter(s) of credit (LOC), which secures the trust receipts deposited in the stated trusts that have a stated expiration date of Sept.

Fitch Ratings assigns ratings to RBC Municipal Floater Certificates

These include the following: BSP-reported or -registered short-term trade-related loans from eligible banks; medium- or long-term trade-related loans with payments maturing within 90 days as of date of application; short-term trade-related borrowings of oil companies from offshore banking units; and US dollar trust receipts, among others.

Dollar hedging rules eased to cushion peso decline

Marquez said the budget for the construction of the building, which will rise at the former site of the PNP's Internal Affairs Service building that burned down in June, will come from the trust receipts of licensed gun owners.