Yes

• Trustee


  The person who assumes the obligation of faithfully administering the property
• Beneficiary


  The third person who benefits from the trust
• Kinds of trusts


  • Corporate trust
  • Voluntary trust
  • Testamentary trust
  • Insurance trust
  • Employee benefit trust
  • Investment management services
  • Revocable trust
  • Collateral trust
  • Sinking fund trust
• Trust activities of banks

  • Act as trustee for a corporation's assets under mortgage/bond issue
  • Act as transfer agent or registrar of stocks and bonds
  • Act as guardian of minor's interest
  • Act as administrator of estates
  • Act as depository for escrow deposits, valuables or other securities
  • Act as executor of last wills and testaments
  • Act as assignee, receiver, or depository
  • Act as an advisor
• In 2015, LBP planned to merge with DBP but it did not push through
• On February 4, 2016, President Benigno Aquino III approved the Executive Order #198 on the merger between Land Bank and the DBP, with the former as the surviving entity
• In 1974, Presidential Decree No. 542 retuned the direction of the Bank to adopt the "no interest principle" in Islamic banking and partnership principles
• Quasi-Banks


  Financial institutions that the Monetary Board may further limit to 40% equity investments of universal banks
• Trustee - one who entrust his property to a trustee
• Trustee -holding legal title for the benefit of another person
• Beneficiary -whose benefit the property has been entrusted
• Will- interest that directs to whom and what terms
• Testator - a person who makes a will
• Testate - a person who dies leaving a valid will
• Executor -named in the will to settle estate
• Administrator -appointed by the court in the absence of a will
• Holographic will - written in the handwriting of the testator
• Settlor - creates a trust by agreememt or declaration
• Agent - acts in behalf of another
• Probate - document and action ehich constitute the legal proof of a will
• Intestate - one who dies without living a will
• Principal - fund invested for the purpose of yielding income
• Principal - a donor who creates a trust relationship
• Types of voluntary trust

  -revocable

  -irrevocable
• Type of Corporate trust - collateral trust and sinking fund trust
• Corporate Trust


  Cover activities relating to financial matters such as bond financing, depository in escrow, etc. and created by corporations
• Voluntary Trust


  The owner transfers the title of the property to a trustee and gives instructions on how to dispose of the income or how to reinvest the funds
• Testamentary Trust


  When an individual appoints a trustee through a will
• Insurance Trust


  Rendered whenever the trust department of a bank is appointed under insurance trust agreement
• Employee Benefit Trust


  This involves the creation and design of a plan to provide economic security and benefit to employees
• Investment Management Services


  Banks manage investment portfolios. It allows clients' assets to grow in a disciplined manner
• Revocable Trust


  Trustor retains the right to modify or amend
• Irrevocable Trust


  Trustor cannot change the agreement
• Collateral Trust


  The titles of collaterals placed behind a mortgage is transferred to a trustee for the interest of the bondholders
• Sinking Fund Trust


  The trustee is usually assigned to enforce the provisions for a sinking fund connected with bond financing
• In a commercial bank, the trust department is entrusted with securities, funds and properties by a trustor for a beneficiary. All activities of a fiduciary nature are coursed to and disposed of by the bank's trust department.
• Banks Trust Department (Main Divisions)

  • Legal Estate Administration, Guardianship and Administering Trust
  • Agency Services
  • Accounting Division
  • Asset Management Division
  • Fund Management or Investment Division
• Legal Estate Administration, Guardianship and Administering Trust


  This division handles matters of legal import, manage and administer properties under trust, act as executor of last wills or administer estates
• Agency Services


  This division handles agency services such as safekeeping, custodianship and escrows.
• Accounting Division


  This division takes care of recording and analysing all trust transactions, computing tax payments and prepares financial statements