DEEMED TRUST
deemed trust: translation
- deemed trust
-
A trust that is established by statute to be in effect even though there may not be any actual asset or monies held in that trust. For example, Revenue Canada in a bankruptcy or insolvency situation takes the position that it has a deemed trust covering source deductions that they claim rank even ahead of certain secured creditors. (Dictionary of Canadian Bankruptcy Terms)
United Glossary of Bankruptcy Terms2012.