Trustee

(1) One to whom the title to property has been conveyed for the benefit of another party. Thus the trustee for a mortgage bond issue holds the mortgage (i.e., has conveyed to it the mortgage property) for the benefit, primarily, of the bond-holders. The trustee in bankruptcy holds title to the bankrupt’s property (with certain exceptions) for the benefit primarily of the bankrupt’s creditors. (2) A trustee may also assume obligations not connected with the direct holding of property, e.g., a trustee under the indenture of an unsecured (debenture) bond, or a person exercising voting rights under a voting trust.