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The Facts About a Board of Trustees

The Facts About a Board of Trustees

A board of trustees is also known as a board of directors, board of governors, board of managers, or executive board, although it is frequently referred to as just the Board. Whichever name it is known as, a board of trustees is responsible for directing the business operations of a company.
A board of trustees can be appointed by the stockholders. In a professional society, or any other organization with voting members, the board of trustess acts on behalf of and is subordinate to the full assembly of the organization.
The board of trustees in an organization which grants voting rights to members are elected by the full assembly. In non-stock corporations which do not have general voting members, the board is the supreme governing body for the institution. The individual appointed to be the head of the board of trustees is usually known as the Chairman of the Board.
The Trustees of Reservations is an organization based in Massachusetts who are devoted to the distinctive charms of New England. The board of trustees for Trustees of Reservations have dedicated themselves to celebrating and protecting the outdoor areas of New England. One of their goals is to share the passion they feel for the irreplaceable natural and cultural treasures in their care. The Trustees of Reservations board of trustees has established an ambitious ten year plan to promote conservation throughout New England.

Reasons to Appoint a Public Trustee

Reasons to Appoint a Public Trustee

A public trustee is an official who has been appointed to fill an office that has been established pursuant to a statute passed by a national, state, territory, or local government in order to act as a trustee for a trust that has been established to administer a sum that is required to be deposited as a form of security through legislation.
A public trustee may also be appointed if the courts have been forced to remove another trustee from their role administering a trust. A public trustee in this case is appointed to replace a trustee who has engaged in impropriety, although the level of impropriety required to force a court to decide that it must appoint a public trustee varies from case to case.
Other circumstances under which a public trustee may be appointed is to serve estates where either a will does not name a specific executor or the testator had decided that they would rather have a public trustee oversee the distribution of their estate. A testator may elect to name a public trustee if there is concern about bias among their relatives which would affect the administration of their estate.
A public trustee can only be named if there is a will already on file. Otherwise the estate will be overseen by an administrator. Public trustees may be needed if the executor named in the will has either predeceased the testator, has died at the same time, or is otherwise incapacitated.

What Does a Bankruptcy Trustee Do?

What Does a Bankruptcy Trustee Do?

A bankruptcy trustee is an individual who has been appointed by a bankruptcy court to oversee the financial reorganization of an individual who has filed for Chapter 13, Title 11 bankruptcy under the Uniform Bankruptcy Code adopted in the United States of America. A Chapter 13 trustee will develop the plan that will allow the person who has filed for Chapter 13 reorganization to repay their debts.
Under this form of bankruptcy, a bankruptcy trustee will supervise the payment plan of an individual until the debt is repaid or for three years, whichever happens first. However, if it is determined that the individual who has filed a bankruptcy claim has an above average level of income, then the Chapter 13 trustee may have to supervise the repayment plan for five years.
A bankruptcy trustee has a specific focus that a public trustee may employ. A Chapter 13 trustee can be alternatively known as a United States Trustee or a Bankruptcy Administrator. The branch of government of the United States of America which employs each bankruptcy trustee, whether they are a Chapter 13 trustee or any other kind, is the Administrative Office of the United States Courts. North Carolina and Alabama are the only states that employ bankruptcy administrators instead of a bankruptcy trustee.

Trustee Sale Explained

Trustee Sale Explained

A trustee sale is a type of foreclosure sale, conducted by a designated individual (the trustee) as determined by stipulations laid out in a Deed of Trust. Upon exercising a Deed of Trust, a specific trustee must be designated. If there is a default on the property, then the trustee appointed by the Deed of Trust is authorized to foreclose on the mortgage and is allowed to sell the property under a trustee sale.
If the trustee sale takes place, the trustee is then required to distribute the proceeds from the sale in a manner that adheres to the priorities that are listed in the Deed of Trust.
A trustee sale can govern the sale of a wide range of property, although a trustee sale will always apply to the sale of real estate. The trustee sale can be handled by a sheriff or a court-appointed lawyer. A trustee sale can develop if mortgage payments are not made on time or from a failure to pay property taxes.
A local trustee sale will take place at a date and time that is announced through the classified section of a local newspaper. A trustee sale takes the form of an auction with the property being sold as is, with no implied or implicit warranties or guarantees.
In order to be eligible to enter a bid during a trustee sale, the bidder must demonstrate that they have on hand enough of a sufficient value of cash or cashier’s checks.