Chicago Secured Transaction Attorney
If you or your organization is in need of a lawyer to act as a holder of securities in trust for a syndicate of creditors involved in a financial transaction then we welcome the opportunity. Many situations situations warrant a trustee but most often it is a situation where there are many creditors involved and it is impractical to give each an interest in securities would be not be practicable.
Our Duties as Trustee
As administers of the trust we manage the contents responsibly on behalf of all parties involved. All creditiors involved in the transaction has a financial interest in the whole trust then, and not in individual assets. Assets added to trusts include investments, bank accounts, titles to real estate and more.
Execution of the Transaction
When the transaction proceeds without problems the debtor discharges the debt and the trust is dissolved and power and full rights of its contents are returned to the debtor. When problems are presented the trustee has the ability to foreclose on the trust and liquidate it for distribution to the creditors. The percentage of distribution is determined by the creditors interest in the trust.
Chicago Trustee Attorney
There are many details and sophistications that come with being the trustee. Contact us for information on trustee secured transactions and let’s have an initial free consultation on the details of your situation.