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 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.
Let me give you a small sampling of the many topics addressed: the uniform commercial code (UCC); security agreements; UCC financial statements; confession of judgment; mortgages; trust receipts; mechanic's liens; statutory judgments; consignments; subordinational agreements; assignments; and more.
In addition, the group incurred higher financing cost on the back of CEB's fleet expansion and higher Petrochem trust receipts,' the company said.
Austin: Fitch Ratings has affirmed the following trust receipts for Brunswick Electric Membership Corporation, NC (BEMC):
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. ADCB also provides customers with structured trade solutions and assistance with Export Credit Agencies backed financing.
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.
Goods are released to the importer under trust receipts, meaning that the importer can use the goods immediately, but they belong to the bank until the importer settles the loan.
Taxable income of a trust includes trust receipts subject to income tax.
In addition, it incurred higher financing cost on the back of Cebu Air's fleet expansion and higher petrochem trust receipts. It incurred market valuation losses on financial assets and derivative instruments as well as foreign exchange losses hitting P1 billion and P2.9 billion, respectively.
The Long-term 'AA'/Outlook Stable rating assigned to series G-60, G-61, G-62 and G-64 custodial receipts are based on the rating that Fitch has assigned to the Royal Bank of Canada, acting through a New York branch, (RBC; AA/F1+/Stable) the provider of the irrevocable direct-pay letter(s) of credit (LOCs), which secures the trust receipts deposited in the trusts that have a stated expiration date of Sept.