Trust receipt


Also found in: Legal, Acronyms.

Trust receipt

Receipt for goods that are to be held in trust for the lender.

Trust Receipt

An acknowledgment that goods intended to be held in a trust have been duly received.
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Further, under the regular practice carried out in adherence to Trust Receipts Ordinance No 12 of 1947 and the Inland Trust Receipts Act No 14 of 1990, the Director General of Commerce can, on the Board's consensus, grant powers required for transactions of Trust Receipts (as collateral in clients' transactions used for both import/export loan applications as well as domestic goods transport) to the applying financial institutions / credit agencies (that have been already approved by the Central Bank).
The act allocates trust receipts and disbursements between principal and income (CPC secs.
The Service agreed, because the trust agreement gave the trustee broad discretion to allocate trust receipts between principal and income, and corporate distributions exceeding 20% of corporate assets were allocated to principal under state law.
NEW YORK -- Fitch Ratings assigns the following ratings to the Floating Rate Trust Receipts (Floater-TRs) and Residual Interest Trust Receipts (RI-TRs):
The credit quality of the US treasury fund is extremely high, reflecting its exposure only to securities, instruments and obligations issued or guaranteed by the US government, such as US treasury bills, notes, trust receipts and other obligations of the US treasury and repurchase agreements.
The COA said Executive Order 338 issued in 1996 orders that all existing balances of trust receipts deposited with authorized government depository banks are hereby required to be deposited with the National Treasury.
Topics to be covered include introduction to various methods of trade finance, including import letter of credit, letter of guarantee loans against trust receipts, and other advances against local bills discounts, government supply bill discounting, export credit etc.
ADCBs Trade finance product suite include letters of credit, letters of guarantee, confirmation of documentation credits and documentary credit collection, receivables financing and trust receipts.
Furthermore, the accused admitted lending money on Islamic profit basis used in Islamic banks, charging profit rates between four and six per cent, and collect cheques or trust receipts as a security.