if a receiver or trustee for any such partnership or corporation, duly appointed by a court of competent jurisdiction in the United States, makes an assignment of the claim, or any part thereof, with respect to which an award is made, or makes an assignment of such award, or any part thereof, payment shall be made to the assignee, as his interest may appear ; ;

He is a trustee for the common good, however feeble the safeguards which the positive or municipal law of property provides against his misuse of that share of the common fund, wisely or unwisely, entrusted to his keeping.

Additionally, a bankrupt is required to provide his or her trustee with details of income and assets.

If the bankrupt does not do this, the interest vests in the estate and the trustee is able to take possession of the asset and sell it.

A Proposal Administrator is almost always a licensed trustee in bankruptcy, although the Superintendent of Bankruptcy may appoint other people to serve as administrators.

In chapter 11, unless a separate trustee is appointed for cause, the debtor, as debtor in possession, acts as trustee of the business.

The court will grant a motion to convert to chapter 7 or appoint a trustee if either of these actions is in the best interest of all creditors.

Appointment of a trustee requires some wrongdoing or gross mismanagement on the part of existing management and is relatively rare.

Hence the householder is encouraged to discharge his or her duties to related people and objects as a trustee, without excessive attachment or aversion.

3. partnerships, unincorporated associations and trusts-any act or practice of a partner, committee member or trustee is attributed to the organisation.

A new trustee is chosen by the remaining Trustees by ballot.

A trust is created by a settlor ( archaically known, in the context of trusts of land, as the feoffor to uses ), who transfers some or all of his property to a trustee ( archaically known, in the context of land, as the feoffee to uses ), who holds that trust property ( or trust corpus ) for the benefit of the beneficiaries ( archaically known as the cestui que use, or cestui que trust ).

One of the most significant aspects of trusts is the ability to partition and shield assets from the trustee, multiple beneficiaries, and their respective creditors ( particularly the trustee's creditors ), making it " bankruptcy remote ", and leading to its use in pensions, mutual funds, and asset securitization.

Where a trust is absent any trustees, a court may appoint a trustee, or in Ireland the trustee may be any administrator of a charity to which the trust is related.

By default, being a trustee is an unpaid job.

It is not unusual for an individual to create an inter vivos trust with a corporate trustee who may then disburse funds only for causes articulated in the trust document.

The executor of the will is ( usually ) the trustee, and the children are the beneficiaries.

One method of asset protection is the creation of a discretionary trust, of which the settlor may be the protector and a beneficiary, but not the trustee and not the sole beneficiary.

In particular, ownership of a matrimonial home is commonly effected by a trust with both partners as beneficiaries and one, or both, owning the legal title as trustee.

Unlike an express trust, a constructive trust is not created by an agreement between a settlor and the trustee.

In what historian Robert R. Russell calls the " Calhoun Doctrine ," Calhoun argued that the Federal Government's role in the territories was only that of the trustee or agent of the several sovereign states: it was obliged not to discriminate among the states and hence was incapable of forbidding the bringing into any territory of anything that was legal property in any state.

The bankrupt's assets ( excluding tools of his trade and other essentials ) vest in his trustee who is obliged to realise them ( generally by selling them ) to pay a dividend to creditors.

Although in rare cases, a court may change the terms of the trust due to unexpected changes in circumstances that make the trust uneconomical or unwieldy to administer, under normal circumstances an irrevocable trust may not be changed by the trustee or the beneficiaries of the trust.

Bankruptcy courts appoint a trustee to represent the interests of the creditors and administer the cases.

Another difference was the English vesting of " legal estate " over the trust property in the trustee, though the " trustee was still bound to administer that property for the benefit of the beneficiaries.

The beneficiary, at law, has no legal title to the trust ; however, the trustee is bound by equity to suppress his own interests and administer the property only for the benefit of the beneficiary.

In the case of the self-declared trust, the settlor and trustee are the same person.

The trustee has legal title to the trust property, but the beneficiaries have equitable title to the trust property ( separation of control and ownership ).

The trustee owes a fiduciary duty to the beneficiaries, who are the " beneficial " owners of the trust property.

A trustee has many rights and responsibilities ; these vary from trust to trust depending on the type of the trust.

A trust generally will not fail solely for want of a trustee.

A trustee may be held personally liable for certain problems which arise with the trust.

For example, if a trustee does not properly invest trust monies to expand the trust fund, he or she may be liable for the difference.

Thus, they have no legal existence independent from the trustee and his or her ownership of the subject matter of the trust.

In order to sue a trust, one must sue the trustee in his or her capacity as trustee for a specific trust ; conversely, if the trust needs to sue someone, the lawsuit must be brought by the trustee in his or her capacity as such.

if a receiver or trustee for any such partnership or corporation has been duly appointed by a court of competent jurisdiction in the United States and has not been discharged prior to the date of payment, payment shall be made to such receiver or trustee in accordance with the order of the court ; ;

Since 1555, the Company has acted as the trustee of Gresham's School in Holt, Norfolk, in accordance with the wishes of Lord Mayor Sir John Gresham ( 1492-1556 ).

In Canada, a trustee in bankruptcy is an individual or a corporation licensed by the official superintendent to hold in trust and, subsequently, to distribute bankrupt ’ s property among the creditors in accordance with the distribution scheme under the Bankruptcy and Insolvency Act ( BIA ).

Christiana Securities Company and Delaware Realty & Investment Company, major stockholders in Du Pont, and the stockholders of Delaware were dealt with specially by provisions requiring the annual sale by a trustee, again over a ten-year period, of Du Pont's General Motors stock allocable to them, as well as any General Motors stock which Christiana and Delaware owned outright.

The forced sale of the General Motors stock owned by or allocable to Christiana, Delaware, and the stockholders of Delaware, and deposited with the trustee, would result in a tax to those parties at the capital gains rate.

If the bankrupt does not comply with the Trustee's request to provide details of income, the trustee may have grounds to lodge an Objection to Discharge, which has the effect of extending the bankruptcy for a further five years.

* To give such directions to the trustee as the creditors may see fit with reference to the administration of the estate.

That year, Newcomb pointed out to a Johns Hopkins trustee that Peirce, while a Hopkins employee, had lived and traveled with a woman to whom he was not married ; the ensuing scandal led to his dismissal in January 1884.

The Polks had connections with the university, then a small school of about 80 students: Sam Polk was their land agent for Tennessee, and his cousin, William Polk, was a trustee.

" In 1923, the League of Nations gave Australia a trustee mandate over Nauru, with the United Kingdom and New Zealand as co-trustees.

A would establish a trust with both A and B as beneficiaries, with the trustee instructed to allow A use of the property until they died, and thereafter to allow its use to B.

In the face of these demands, many families, based on guidance from their expert advisors, are moving away from conventional trusts that rely on single or co-trustees to new “ multi-participant ” trusts, with a directed trustee central to the administration of their trust.

The founder may be a trustee and a beneficiary, although it is to be regarded with circumspection.

A common scenario of using living trusts for asset protection is a husband and wife acting as trustees along with a third unrelated trustee.

San Salvador is governed by a council consisting of a mayor ( elected by direct vote every three years, with an option to be re-elected ), a trustee and two or more aldermen whose number varies in proportion to the population of the municipality.

In 2005, Fraser Kee Scott, owner of A Gallery, demonstrated with the Stuckists art group outside the Tate Gallery against the gallery's purchase of The Upper Room, a work by Chris Ofili, then a serving Tate trustee.

President Moore died on June 29, 1823, and was replaced with a Williams College trustee, Heman Humphrey.

# In the event of default in the appointment of a new trustee by the surviving trustee, the " Trustees " hereby delegate and appoint the Governors of the International Hockey Hall of Fame in Kingston, Ontario, to name two Canadian trustees to carry on under the terms of the original trust, and in conformity with this Agreement.