held in trust

held in trust
Property in the possession of a trustee; property in the possession of, one other than the owner, such as an agent, bailee, factor, etc., who must account to the owner for the property or the proceeds thereof. As used in fire insurance policies, phrases describing property as held in trust, or on commission, and kindred terms in a policy to an agent, factor, or the like, have been held to give to the owner a right to take the place of the insured, to adopt the contract, and enforce it in his own name or that of his agent. Waring v Indemnity Fire Ins Co. 45 NY 610.

Ballentine's law dictionary. . 1998.

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