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Massachusetts Trust :: legal definition


Massachusetts Trust - n. a business in which the investors give management authority to a trustee and receive "trust certificates" representing their investments. Since they own only the certificates and do not participate in management, the investors can only lose their investment and are not personally liable for any debts of the trust. This is similar to a "limited partnership." A Massachusetts Trust is strictly a business entity and bears no relationship to a personal trust like living and testamentary trusts set up to manage and protect the assets of individuals and provide for eventual distribution.


Related Law Terms

bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another.
conflict of interest :: n. a situation in which a person has a duty to mor ... a position adverse to the customer.
corporation :: n. an organization formed with state governmental ... ation public corporation securities
d.b.a. :: n. short for "doing business as," when a person or ... that is registered with the state.
declaration of trust :: n. the document signed by a trustor (settlor) crea ... also: settlor trust trustee trustor
estate :: n. 1) all that one owns in real estate and other a ... ife estate probate real estate will
fiduciary :: 1) n. from the Latin fiducia, meaning "trust," a p ... lation fiduciary relationship trust
fiduciary relationship :: n. where one person places complete confidence in ... handling. See also: fiduciary trust
general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership
head of household :: n. 1) in federal income tax law, the person filing ... n or daughter. 3) "head of family."
hearsay rule :: n. the basic rule that testimony or documents whic ... interest dying declaration hearsay
impute :: v. 1) to attach to a person responsibility (and th ... also. See also: vicarious liability
insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy
inter vivos :: (in-tur veye-vohs) adj. Latin for "among the livin ... e will. See also: inter vivos trust
interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing
invitee :: n. a person who comes onto another's property, pre ... ail employees. See also: negligence
lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will
limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership
living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor
negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
officer :: n. 1) a high-level management official of a corpor ... deputy sheriff or federal marshal.
partner :: n. 1) one of the co-owners and investors in a "par ... ner limited partnership partnership
partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner
pour over will :: n. a will of a person who has already executed a t ... invalid trust. See also: trust will
real estate investment trust :: n. nicknamed REIT, a real estate investment organi ... its upon sale-if there is a profit.
straw man :: n. 1) a person to whom title to property or a busi ... a trail will mislead hunting dogs).
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor
trustee :: n. a person or entity who holds the assets (corpus ... es. See also: settlor trust trustor
will :: n. a written document which leaves the estate of t ... will and testament probate testator

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Other Law Terms - M

M. O. :: n. slang for modus operandi, the way or pattern in ... her crime. See also: modus operandi
magistrate :: n. 1) a generic term for any judge of a court, or ... ce of the peace preliminary hearing
Magna Carta :: n. Latin for "Great Charter," it was a document de ... s. It is also spelled Magna Charta.
mail box rule :: n. in contract law, making a written offer or acce ... nse in hand when the time runs out.
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malicious prosecution :: n. filing a lawsuit with the intention of creating ... vor of the victim. See also: malice
malpractice :: n. An act or continuing conduct of a professional ... eed. See also: errors and omissions
malum in se :: (mal-uhm in say) adv. Latin referring to an act th ... hibitum. See also: malum prohibitum
malum prohibitum :: (mal-uhm prohibit-uhm) adj. Latin meaning "wrong d ... lso: malum in se white collar crime
mandamus :: (man-dame-us) n. Latin for "we order," a writ (mor ... mandamus. See also: writ of mandate
mandate :: n. 1) any mandatory order or requirement under sta ... See also: mandamus writ of mandate
mandatory :: adj., adv. absolutely demanded or required. ... v. absolutely demanded or required.
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