A trust is something committed to another person's care for use or management and for which an account must be rendered. The original and essential function of a trust company was to accept and handle trusts of a business nature. To execute trusts efficiently, however, the trust company found it expedient to undertake many lines of collateral business, thus adding function after function to its province until today it represents the most inclusive and complete financial institution.
A representative trust company performs the following general functions:
2. Trust and agency functions:
(a) For individuals: private agreements, probate, investment, real estate, and insolvency operations.
(b) For corporations: trustee of mortgages and funds, transfer agent, registrar, corporate reorganization and financing operations.