Receipt for goods that are to be held in trust for the lender.
Is used domestically in connection with the purchase of household equipment and automobiles by dealers from their manufacturers. The manufacturer receives an order from the buyer, ships the goods, and forwards the bill of lading and other documents to the bank for payment. At that time, the seller ceases its part of the transaction. The buyer than issues a trust receipt to the bank, and the bank releases the documents the buyer needs to claim the goods.
An instrument issued by a trustee acknowledging that it holds an item in trust for the holder of the receipt.
a document prepared by a bank and signed for by the importer
a legal document signed by the buyer/importer in which the buyer agrees to hold the goods in trust for the bank, pending sale of the goods and realisation of the proceeds
A T/R is issued for a TFGA transaction and is based upon the terms of the TFGA. It describes the following terms of agreement between the bank and the importer: The importer acknowledges the bank's vested interest in the goods. The importer may have physical possession of the goods as trustee. The importer is permitted to sell the goods and account to the bank for the sale proceeds. The importer must insure the goods during the transaction process, noting the bank's vested interest within the insurance agreement. NOTE: Debts arising out of sale proceeds cannot be factored or sold by the importer without the specific approval of the bank.
Release of merchandise by a bank to a buyer in which the bank retains title to the merchandise. The buyer, who obtains the goods for manufacturing or sales purposes, is obligated to maintain the goods (or the proceeds from their sale) distinct from the remainder of his or her assets and to hold them ready for repossession by the bank.
A declaration by a client to a bank that ownership in goods released by the bank are retained by the bank, and that the client has received the goods in trust only.
An engagement signed by a buyer of merchandise against which a bank or other entity releases title documents for the purpose of sale or inspection, but where the bank retains title thereto. The buyer is obligated to maintain the identity of the goods distinct from the rest of assets and hold them subject to repossession by the bank, or payment of representative value. Trust Receipts are subject to the guidelines set forth in the local Uniform Commercial Code.
A banking term denoting a written agreement between a bank and its borrower in which the borrower pledges specific merchandise as collateral for a loan. The agreement permits the borrower to take physical possession of the collateral without the bank actually relinquishing title to the merchandise. The borrower agrees to hold the merchandise in trust for the benefit of the bank and to keep the merchandise, as well as any monies received from its sale, separate and distinct from his own property until the loan is repaid.
an instrument allowing an importer to obtain possession of the goods without title, before paying the draft.
The release of merchandise by a bank to a buyer for manufacturing or sales purposes in which the bank retains title to the merchandise.