trust fund theory or doctrine

trust fund theory or doctrine
Generic term used in many contexts to describe the imposition of fiduciary obligations on persons who control money or property of another under certain circumstances. A creature of equity which operates to treat officers, directors, or majority shareholders of a corporation as holding in trust for the benefit of creditors such corporate assets as have been improperly appropriated. Whisenhunt v. Park Lane Corp., D.C.Tex., 418 F.Supp. 1096, 1098.
- trust (trust fund
- trust fund doctrine)

Black's law dictionary. . 1990.

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