The Basic Duty of a Trustee Is to Collect and Reduce

question 19

True/False

The basic duty of a trustee is to collect and reduce to cash the property in the bankruptcy estate that is not exempt.

---

Definitions:

Net Income

The total profit of a company after all expenses, including taxes and operating costs, have been subtracted from total revenue.

Derivative

A financial instrument whose value is based on the performance of underlying assets such as stocks, bonds, or commodities.

Derivative

A financial instrument whose value is based on or derived from one or more underlying assets.

Asset Account

An account on a company's balance sheet that represents a resource with economic value owned or controlled as a result of past transactions.