from The American Heritage® Dictionary of the English Language, 4th Edition
- n. A financial arrangement in which a person, such as a high-ranking elected official, avoids possible conflict of interest by relegating his or her financial affairs to a fiduciary who has sole discretion as to their management. The person choosing the trust also gives up the right to information regarding the status of the assets.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. a trust that enables a person to avoid possible conflict of interest by transferring assets to a fiduciary; the person establishing the trust gives up the right to information about the assets
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