The Collaborative International Dictionary
Trust company \Trust company\ Any corporation formed for the purpose of acting as trustee. Such companies usually do more or less of a banking business.
WordNet
n. an organization (usually with a commercial bank) that is engaged as a trustee or fiduciary or agent in handling trust funds or estates of custodial arrangements or stock transfers or related services [syn: trust corporation]
Wikipedia
Trust Company (also typeset as TRUSTcompany and TRUST*CO) is an American rock band from Prattville, Alabama, United States.
A trust company is a corporation, especially a commercial bank, organized to perform the fiduciary of trusts and agencies. It is normally owned by one of three types of structures: an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of trusts and in managing estates. Trust companies are not required to exercise all of the powers that they are granted. Further, the fact that a trust company in one jurisdiction does not perform all of the trust company duties in another jurisdiction is irrelevant and does not have any bearing on whether either company is truly a "trust company". Therefore, it is safe to say that the term "trust company" must not be narrowly construed.
The "trust" name refers to the ability of the institution's trust department to act as a trustee – someone who administers financial assets on behalf of another. The assets are typically held in the form of a trust, a legal instrument that spells out who the beneficiaries are and what the money can be spent for.
A trustee will manage investments, keep records, manage assets, prepare court accountings, pay bills (depending on the nature of the trust) medical expenses, charitable gifts, inheritances or other distributions of income and principal.
Usage examples of "trust company".
Tomiko was a systems designer for the Capital Bank and Trust Company of St.
Roark was thinking of that when Cameron entered the drafting room, the letter from the Security Trust Company in his hand.
Why, as superintendent of the safe deposit vaults he had helped to build up that part of the trust company's business to such an extent that he knew he deserved more.