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The trustee model of representation is a model of a representative democracy, frequently contrasted with the delegate model of representation. [1] In this model, constituents elect their representatives as ' trustees ' for their constituency .
A trustee is someone who acts on behalf of others, using their knowledge, experience and intelligence upon a certain field. The trustee model contrasts with the delegate model as this time constituents "entrust" their elected representatives to represent them however they see fit, with autonomy to vote and behave in the best way for their ...
The trustee must also keep adequate records of the administration of the trust generally. [66] All trust property must stay separate from the trustee's own personal property and must not be "commingled." [67] A trustee can hold certain securities, usually publicly traded ones, in a "street name" or nominee registration for ease of management. [68]
Estate planning can be difficult. In addition to the fact that it may bring up some uncomfortable feelings – like grappling with one's mortality – there is also the fact that it can be a ...
A trust company is a corporation that acts as a fiduciary, trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trustee of various kinds of trusts.
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another.
The borrower's equitable title normally terminates automatically by operation of law (under applicable statutes or case law) at the trustee's sale. The trustee then issues a deed conveying the legal and equitable title to the property in fee simple to the highest bidder. In turn, the successful bidder records the deed and becomes the owner of ...
However, some states, such as Texas, [14] still continued their use of trusty systems (known as "building tenders") until the 1980s, when Federal Judge William Wayne Justice, in Ruiz v. Estelle , 503 F. Supp. 1265 (S.D. Tex. 1980), compelled the replacement of the trusty system with the strictly-regulated Support Service Inmate (SSI) system.