What is TRUSTEE?

The person appointed, or required by law, to execute a trust; one in whom an estate, interest, or power is vested, under an express or implied agreement to administer or exercise it for the benefit or to the use of another. “Trustee” is also used in a wide and perhaps inaccurate sense, to denote that a per- son has the duty of carrying out a transaction, in which lie and another person are in- terested, in such manner as will be most for the benefit of the latter, and not in such a way that he himself might be tempted, for the sake of his personal advantage, to neg- lect the interests of the other. In this sense, directors of companies are said to be “trus- tees for the shareholders.” Sweet

More On This Topic



Link to This Definition
Did you find this definition of TRUSTEE helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary