{"ok":true,"canonical_url":"https://dealroom.so/glossary/trustee","api_url":"https://dealroom.so/api/public/glossary/trustee","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"trustee","term":"Trustee","group":"People and paperwork","definition":"A trustee is an individual or institution appointed to hold and administer assets for the benefit of another party, known as the beneficiary. They have a fiduciary duty to act in the beneficiary's best interest.","what_it_means":"You might encounter a trustee if the seller's business assets are held in a trust, or if your personal assets (used for collateral) are in a trust. The trustee's authority to sell or pledge assets will need to be verified by the lender's legal counsel. Ensure all trust documents are readily available.","url":"https://dealroom.so/glossary/trustee","official_sources":[],"related":[{"slug":"beneficiary","term":"Beneficiary","url":"https://dealroom.so/glossary/beneficiary"},{"slug":"executor","term":"Executor","url":"https://dealroom.so/glossary/executor"},{"slug":"personal-financial-statement","term":"Personal financial statement","url":"https://dealroom.so/glossary/personal-financial-statement"},{"slug":"collateral","term":"Collateral","url":"https://dealroom.so/glossary/collateral"}],"related_questions":[{"question":"For a business owned by a trust, what citizenship and residency requirements apply to the trustee for 7(a) eligibility?","url":"https://dealroom.so/for-lenders/questions/for-a-business-owned-by-a-trust-what-citizenship-and-residency-requirements-apply-to-the-t"},{"question":"Can a business owned by a trust be eligible for a 7(a) loan if the trustee is a foreign national?","url":"https://dealroom.so/for-lenders/questions/can-a-business-owned-by-a-trust-be-eligible-for-a-7-a-loan-if-the-trustee-is-a-foreign-nat"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Trustee","url":"https://dealroom.so/glossary/trustee","source_type":"DealRoom Data"}}