Trust fund doctrine

Definition - Noun
: a doctrine holding that shareholders to whom assets of an insolvent corporation have been transferred are liable to creditors upon dissolution of the corporation
broadly
: a doctrine holding that corporate assets are held as a trust fund for the benefit of shareholders and creditors and that corporate officers have a fiduciary duty to deal with them properly



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

an officer in a government agency with quasi-judicial functions including conducting hearings, making findings of fact, and making recommendations for resolution of disputes concerning the agency’s actions


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