from The American Heritage® Dictionary of the English Language, 4th Edition
- n. One that makes a business or financial settlement or a settlement of property.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. A person who settles property on express trust for the benefit of beneficiaries.
from The Century Dictionary and Cyclopedia
- n. In law, the person who makes a settle ment.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. (law) a person who creates a trust by giving real or personal property in trust to a trustee for the benefit of a beneficiary; a person who gives such property is said to settle it on the trustee
• Contracts should be structured as three-way trust relationships where possible, with the government as settlor, the contractor as trustee, and the affected population as beneﬁciary.
Generally speaking, a trustee administers a trust, which Black's Law Dictionary defines as a property interest held by the trustee at another's request (the settlor) for a third party's benefit (beneficiary) according to the trust's terms or those of any relevant will if the trust is created in that document.
Because a testator or the settlor of a trust is not a state actor, there are no constitutional dimensions to his choice of beneficiaries.
In this real world context, the main role that the RAP has to play is to generate drafting errors that can be used to defeat a legitimate intent of the settlor.
For 200 years the rule against accumulations of income, which limits the time during which a settlor may direct the trustee to accumulate and retain income in trust, has lurked in the shadow of its older and more distinguished cousin, the Rule Against Perpetuities.
Finding “that deviation is permissible when, due to circumstances unanticipated by the settlor, modification of an administrative requirement would advance the trust's purpose,” the Court permitted the Church to sell the building it had outgrown.
Settlements of property within the two years preceding the bankruptcy, unless made before and in consideration of marriage, or made in good faith for valuable consideration, are also void, as are similar settlements within ten years, unless it is proved that the settlor was (independently of the settled property) solvent at the date of the settlement, and that the interest in the property passed to the trustees on the execution of the deed.
_ Wisconsin,  the domiciliary State of the creator of a trust was held competent to levy an inheritance tax, upon the death of the settlor, on his trust fund consisting of stocks, bonds, and notes kept and administered in another
State and as to which the settlor reserved the right to control disposition and to direct payment of income for life, such reserved powers being equivalent to a fee.
The settlor may designate whomsoever he wishes and vest in that person the power to appoint succeeding trustees, though sometimes the power is placed with the cestui que trust and sometimes with the settlor.