Business trust

Definition
: a trust that is created for the purpose of making profit and that is usu. characterized by some kind of commercial activity, transferable certificates of interest, existence continuing after the death of beneficiaries, limited liability, legal title in the hands of trustees, and officers having duties of management
A trust that qualifies as a business trust is eligible for bankruptcy protection under chapter 13 of the Bankruptcy Code.



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Based on Merriam-Webster's Dictionary of Law ©2001.
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