Property which is held by the legal owner wholly or partly for the benefit of another personâ€¢ Time Limits in Civil Matters
Property held in trust by one person (trustee) for the benefit of another (beneficiary)
Trust property is the property interest that the trustee holds subject to the rights of the beneficiary.
Any asset that is "real" or "personal" property held within the Trust. This is property belonging to the Trustor, which is transferred or "gifted" to the Trustee. See our company profile for just a few of the assets under our management.
The term trust property refers to assets entrusted to the administration of a trust company (trust bank) for the benefit of a beneficiary. The Trust Business Law, which applies to trust companies, limits trust property to money, marketable securities, monetary claims, movable property, land, buildings and the like. The law prohibits trust companies from accepting a trust with speculative property, in order to protect the interests of beneficiaries. The Trust Business Law was enacted in 1922. But the scope of the trust business has widened considerably since then, and the outstanding balance of trust assets has grown in recent years, giving trusts an increasingly important societal role. Discussions are now under way to lift the legal restrictions governing trust assets as part of a revision of the Trust Business Law slated to take place next year. It is conceivable that the door will be opened to trusts created not only with intellectual property rights like patents and copyrights, but also with fishing or mining rights.