Assignee in Trust for the Benefit of Creditors Law and Legal Definition

Assignee in trust for the benefit of creditors refers to an assignee in insolvency. They represent the interest of the creditors, and may recover the property for their benefit.

A person retained as attorney for an assignee in trust for the benefit of creditors, occupies no such fiduciary relation towards the assigned estate. [Sallade's Appeal, 36 Pa. 429 (Pa. 1860)].