In a bankruptcy case, the court appoints a person to oversee and manage the estate of a consumer or assets of a business. The trustee in a consumer Chapter 7 case will typically identify, collect and liquidate the debtor's nonexempt property and eventually distribute it in a specified proportion to creditors. The trustee in a Chapter 13 will collect monthly payments from the … [Read more...]
Search Results for: trustee
BABE TRUSTEE
A person to whose fiduciary office no duties were originally attached, or who, although such duties were originally attached to his office, would, on the requisition of his cestuis que trust, be compellable in equity to convey the estate to them or by their direction. 1 Ch. Div. 279. … [Read more...]
VOLUNTARY CONVEYANCE
contracts. The transfer of an estate made without any adequate consideration of value. 2. Whenever a voluntary conveyance is made, a presumption of fraud properly arises upon the statute of 27th Eliz. cap. 4, which presumption may be repelled by showing that the transaction on which the conveyance was founded, virtually contained some conventional stipulations, some compromise … [Read more...]
TRUST DEED
A method of financing real estate purchases, where the trust deed transfers title of a parcel of real estate to a trustee (usually a title company) who holds it as security on a loan. After the loan is paid off in the entirety, the title is transferred to the borrower. The trustee can act to sell the real estate in the event of a default by the borrower and the proceeds used to … [Read more...]
TRUST MERGER
When the trustee and the sole beneficiary of the trust are the same person or institution. As such, the interests in the trust merge and it is owned by the beneficiary and the trust no longer exists. … [Read more...]