What is a trust receipt? Is it like Transfer On Death?
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A trust receipt is a document that lays out that a bank owns goods while a borrower had possession of the goods. This might be useful in the context of a trading company where there isn’t enough cash flow to pay for goods before they are sold.
A Transfer on Death is a kind of document which states specific beneficiaries to receive the asset upon the death of its owner. Until their death they retain all the ownership, but when they die instead of the process of an estate being formed, a will being read, and assets being distributed that way, the Transfer on Death just immediately confers ownership to the beneficiary.
So as you see they really are not the same thing at all.
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