If the finances of the railroad continue in a critical condition, the stockholders to protect their property, or the creditors to guard their interests, may appoint a trust company as assignee. Under the deed of assignment, the trust company collects the debts due to the railroad and as far as possible pays the claims of the creditors. Creditors are sometimes forced to press their claims before a court, which then places the corporation in the hands of a receiver. While his duties are similar to that of the assignee, they are limited to the objects specified in the terms of the application of the creditors and the orders of the court. The main purpose of a reorganization committee, assignee, or receiver is to assist the embarrassed corporation out of its difficulties and if possible restore it to paying basis.

A definite division of trusts cannot well be made, for some forms may be both individual and corporate. In the above analysis, a trust company was viewed as custodian of the securities of an individual, but the same service may also be rendered for a corporation. Conversely, a trust company may act as agent in escrow, assignee, or receiver for an individual as well as for a corporation. In general, the distinctly individual trusts are those of guardian, conservator, executor, and administrator, while underwriting manager, transfer agent, and registrar are the exclusively corporate fiduciary relationships.