Administration of the trust definition

Administration of the trust means the carrying out of the duties imposed by the terms of the trust instrument and applicable law, including maintaining the books and records of the trust, filing tax returns, man- aging and investing the assets of the trust, defending the trust from suits by creditors, and determining the amount and timing of distributions. (Regs. §301.7701-7(c)(3)(v)).Thus, simply having jurisdiction over the trustee, a beneficiary, or trust property is not equal to having "primary supervision over the administration of the trust". The Regulations provide the following examples:Example 1. A, a United States citizen, cre- ates a trust for the equal benefit of A's two children, both of whom are United States cit- izens. The trust instrument provides that DC, a domestic corporation, is to act as trustee of the trust and that the trust is to be adminis- tered in Country X, a foreign country. DC maintains a branch office in Country X with personnel authorized to act as trustees in Country X. The trust instrument provides that the law of State Y, a state within the United States, is to govern the interpretation of the trust. Under the law of Country X, a court within Country X is able to exercise primary supervision over the administration of the trust. Pursuant to the trust instrument, the Country X court applies the law of State Y to the trust. Under the terms of the trust instru- ment the trust is administered in Country X. No court within the United States is able to exercise primary supervision over the admin- istration of the trust. The trust fails to satisfy the court test and therefore is a foreign trust. Example 2. A, a United States citizen, cre- ates a trust for A's own benefit and the ben- efit of A's spouse, B, a United States citizen. The trust instrument provides that the trust is to be administered in State Y, a state within the United States, by DC, a State Y corpora- tion. The trust instrument further provides that in the event that a creditor sues the trustee in a United States court, the trust will automatically migrate from State Y to Country Z, a foreign country, so that no United States court will have jurisdiction over the trust. A court within the United States is not able to exercise primary supervision over the administration of the trust because the United States court's jurisdiction over the administration of the trust is automatically terminated in the event the court attempts to assert jurisdiction. Therefore, the trust fails to satisfy the c...
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Administration of the trust. ESTATE: SERVICING OF THE MORTGAGE LOANS
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Examples of Administration of the trust in a sentence

  • Administration of the trust fund, which may include payments in lieu of taxes on state owned land purchased through the trust fund.(3) The trust fund may provide grants to local units of government or public authorities, which shall be used for the purposes of this section.

  • Administration of the trust fund, including payments in lieu of taxes on state-owned land purchased through the trust fund.

  • Administration of the trust includes conducting trust business, investing assets of the trust, making administrative decisions, record-keeping and preparation and filing of tax returns.

  • A2.2.3 Further to the approval of the internal project formally establishing the SAICM secretariat within UNEP in November 2006, the SAICM QSP trust fund was officially opened on 1 December 2006.19 Administration of the trust fund and of arrangements for management of QSP trust fund projects were completed in March 2007.

  • Administration of the trust is often difficult to determine when a corporate bank or a professional advisor is used, as the office of the contact representative may be in a different state than the operations.

  • See: PAWNBROKERS AND SECONDHAND DEALERS SELF INSURANCE PROGRAM AND TRUST FUND Administration of the trust..

  • Administration of the trust includes conducting trust business, investing assets, making policy decisions, record-keeping, or filing of tax returns.

  • Administration of the trust is lodged in the Department of Interior and the policy of the Bureau of Indian Affairs is determined by Congressional committees.American Indians are the only people underthe Interior umbrella.

  • Administration of the trust to achieve the objectives of this title shall be in accordance with a trust fund agreement between the Government of American Samoa and the trustee gov- erning the trust.

  • Administration of the trust account overdraft program includes books and records reviews and auditing.

Related to Administration of the trust

  • Administration Account As defined in Section 7.02.

  • Administration Fund means the Administration Fund established by the Fiscal Agent pursuant to Section 4.01 hereof.

  • Administration of Medication means the act of placing a medication in or on an individual's body by a staff member who is responsible for the individual's care.

  • Corporate Trust Office of the Trustee shall be at the address of the Trustee specified in Section 12.02 hereof or such other address as to which the Trustee may give notice to the Company.

  • Self-Administration of Medication means the individual manages and takes his or her own medication, identifies his or her medication and the times and methods of administration, places the medication internally in or externally on his or her own body without staff assistance upon written order of a physician, and safely maintains the medication without supervision.

  • Administration means the Government of the State whose flag the ship is entitled to fly.

  • Self-administration means carrying and taking medication without the intervention of the school nurse, approved through the school district policy and restricted to students with asthma, other potentially life-threatening illnesses or life-threatening allergic reaction.

  • Owner Trustee Corporate Trust Office means the office of the Owner Trustee at which its corporate trust business shall be administered, which initially shall be Xxxxxx Square North, 0000 Xxxxx Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx 00000-0000 Attn: Corporate Trust Administration, or such other office at such other address as the Owner Trustee may designate from time to time by notice to the Certificateholder, the Servicer, the Indenture Trustee, the Trust Depositor and Harley-Davidson Credit.

  • Medication administration means the direct application of medications by injection, inhalation, ingestion, or any other means to an individual receiving services by (i) persons legally permitted to administer medications or (ii) the individual at the direction and in the presence of persons legally permitted to administer medications.

  • Account Administrator means the person(s) who have been granted authority by Customer to set up, amend, or otherwise control settings and/or make additional purchases for the Account via the Administrative Portal. Account Administrators may have varying levels of Account rights, skills, or permissions.

  • the Administration Act means the Social Security Administration Act 1992;

  • Misadministration means the administration of:

  • Claims Administration means the processing of claims made under the Shared Policies, including, without limitation, the reporting of claims to the insurance carriers and the management of the defense of claims.

  • Swap Administration Agreement As defined in Section 4.08(b).

  • Principal Office of the Trustee or other similar term, means the office of the Trustee, at which at any particular time its corporate trust business shall be principally administered, which at the time of the execution of this Indenture shall be Xxxxxx Square North, 0000 Xxxxx Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx 00000-0000, Attention: Corporate Trust Administration.

  • Administration Charge means a charge established in accordance with Chapter 90.50A RCW and Chapter 173-98 WAC, to be used to pay Ecology’s cost to administer the State Revolving Fund by placing a percentage of the interest earned in an Administrative Charge Account.

  • Owner Trust means the trust created by this Agreement.

  • Administrative Procedures means the Administrative Procedures of Minnesota Management & Budget developed in accord with M.S. 43A.04, subdivision 4.

  • Administration Agreement means the Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuer and the Indenture Trustee, as the same may be amended and supplemented from time to time.

  • National City Servicing Agreement Solely with respect to the National City Mortgage Loans, the Master Seller’s Warranties and Servicing Agreement, dated as of October 1, 2001, between the Transferor and National City, as the same may be amended from time to time, and any assignments and conveyances related to the National City Mortgage Loans.

  • Administration Fees The sum of (i) the Servicing Fee, (ii) the Master Servicing Fee and (iii) the Credit Risk Management Fee.

  • Principal Corporate Trust Office means the office of the Trustee, at which at any particular time its corporate trust business shall be principally administered, which office at the date of execution of this instrument is at the address set forth in the first paragraph of this instrument.

  • Customs Administration means the competent authority that is responsible under the law of a Party for the administration of customs laws and regulations;

  • Administration Fee means the fee payable to the Administrator pursuant to Section 3 of the Administration Agreement.

  • Sub-Servicing Account An account established by a Sub-Servicer which meets the requirements set forth in Section 3.08 and is otherwise acceptable to the Master Servicer.

  • Administration Costs means all costs to administer and distribute the Settlement Fund including the costs and professional fees of the Claims Administrator and the costs of implementing the Notice Plan;