trust receipt

trust receipt
A pre-U.C.C. security device now governed by Article 9 of the Code. A receipt stating that the wholesale buyer has possession of the goods for the benefit of the financier. Today there usually must be a security agreement coupled with the filing of a financing statement. Method of financing commercial transactions by means of which title passes directly from manufacturer or seller to banker or lender who as owner delivers goods to dealer in whose behalf he is acting secondarily, and to whom title goes ultimately when primary right of banker or lender has been satisfied. Commercial Credit Corp. v. Bosse, 76 Idaho 409, 283 P.2d 937, 938

Black's law dictionary. . 1990.

Look at other dictionaries:

  • trust receipt — n: a trust agreement between a lender and a borrower by which the lender gives up possession of goods without abandoning title and the borrower agrees to hold the goods in trust for the lender and if the goods are sold to turn the proceeds over… …   Law dictionary

  • Trust receipt — Receipt for goods that are to be held in trust for the lender. The New York Times Financial Glossary * * * trust receipt trust receipt ➔ receipt1 * * * trust receipt UK US noun [C] LAW, FINANCE ► an arrangement in which a bank lends to a business …   Financial and business terms

  • trust receipt — receipt for goods that are to be held in trust for the lender. Bloomberg Financial Dictionary * * * trust receipt trust receipt ➔ receipt1 * * * trust receipt UK US noun [C] LAW, FINANCE ► an arrangement in which a bank lends to a business so… …   Financial and business terms

  • Trust Receipt — Notice of the release merchandise to a buyer from a bank, with the bank retaining the ownership title to the released assets. In an arrangement involving a trust receipt, the bank remains the owner of the merchandise, but the buyer is allowed to… …   Investment dictionary

  • trust receipt — noun : a trust agreement between a bank and its debtor by which the bank gives up possession of collateral security to the debtor without abandoning its title to the security and the debtor agrees to hold the security in trust for the bank and if …   Useful english dictionary

  • trust receipt — A document given by a bank holding a borrower s goods as security against a loan (see trust letter), when the borrower takes possession of these goods in order to sell them to pay off the loan …   Big dictionary of business and management

  • trust receipt — A security transaction intended to aid in financing importers and retail dealers who do not have sufficient resources to finance the importation or purchase of merchandise, and who may be unable to acquire credit except through utilization as… …   Ballentine's law dictionary

  • receipt — a written acknowledgement of having received money or goods specified Also statement Euroclear Clearing and Settlement glossary A detailed summary of an account. Euroclear Clearing and Settlement glossary See deposit receipt, withdrawal receipt.… …   Financial and business terms

  • receipt — The acceptance of property upon a delivery thereof. The acceptance of money offered by way of payment or gift. An acknowledgment in writing of the receipt of money. Glickman v Weston, 140 Or 117, 11 P2d 281, 12 P2d 1005. Written evidence of the… …   Ballentine's law dictionary

  • Trust — Trust, n. [OE. trust, trost, Icel. traust confidence, security; akin to Dan. & Sw. tr[ o]st comfort, consolation, G. trost, Goth. trausti a convention, covenant, and E. true. See {True}, and cf. {Tryst}.] 1. Assured resting of the mind on the… …   The Collaborative International Dictionary of English

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