A corporation formed for the purpose of managing property set aside to be used for the benefit of individuals or organizations.
The settlor (the individual who creates the trust) names the trust company in order to ascertain that the property will be handled in accordance with his or her wishes as delineated in the terms of the trust.
Trust companies sometimes act as fiscal agents for corporations by attending to the registration and transfer of their stocks and bonds, serving as a trustee for their bond and mortgage creditors, and transacting general banking and loan business.
"Trust Company." West's Encyclopedia of American Law. . Encyclopedia.com. (November 17, 2018). https://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/trust-company
"Trust Company." West's Encyclopedia of American Law. . Retrieved November 17, 2018 from Encyclopedia.com: https://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/trust-company