These securities pay market-based interest to the trust funds.
Trust funds: Accounts run by the Treasury Department that take in payments to the Social Security system, pay benefits and administer the program.
...
Defaulting on a debt or other obligation such to account for public or trust funds. Usually used in the context of public officials. 2.
[2] The classic example of defalcation is when a trustee recklessly invests trust funds and loses the money.
APPLICATION - The act of making a request for something; the paper on which the request is written is also called an application; as, an application to chancery for leave to invest trust funds; an application to an insurance company for insurance.
Spendthrift Trust definition:
US law: a trust which in design prevents a beneficiary from depleting the trust funds, or from his creditors demanding payment therefrom.
Related Terms: Discretionary Trust, Sprinkling Trust ...
Beach Bum Trust Provision A clause in a trust that requires the trust beneficiary to earn his or her own money in order to receive trust funds.
Defalcation. Latin diffalcare, to abate, deduct, take away. 1. Reduction of a claim by allowance of a counter-claim. 2. Misappropriation of trust funds - by a public or corporate officer.
Constructive fraud can be proved by a showing of breach of legal duty (like using the trust funds held for another in an investment in one's own business) without direct proof of fraud or fraudulent intent.
 See also: Trust, Law, Term, Person, Attorney
  
|
RSS
