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Trustee (view source)

Revision as of 13:51, November 14, 2007

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A '''trustee''' is the person or institution that manages the [[property]] put in [[trust]].

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In [[bankruptcy]] proceedings, the '''trustee''' is the representative of the [[bankruptcy]] estate who exercises statutory powers, principally for the benefit of the unsecured creditors, who acts under the general supervision of the [[court]] and the direct supervision of the [[U.S.]] trustee or [[bankruptcy]] administrator.

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The trustee in [[bankruptcy]] proceedings is a private individual or corporation appointed in all [[chapter 7]], [[chapter 12]], and [[chapter 13]] cases and some [[chapter 11]] cases. The trustee's responsibilities include reviewing the debtor's petition and schedules and bringing actions against creditors or the debtor to recover property of the bankruptcy estate. In chapter 7, the trustee liquidates property of the estate, and makes distributions to creditors. Trustees in chapter 12 and 13 have similar duties to a chapter 7 trustee and the additional responsibilities of overseeing the debtor's plan, receiving payments from debtors, and disbursing plan payments to [[creditor]]s.

[[category:law]]

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