What is the meaning of trustee?

1) One who holds property in trust for another as a fiduciary and is charged with the duty to protect, preserve and enhance the value and the highest and best use of the trust property. 2) One who holds property in trust for another to secure the performance of an obligation. In those states using trust deeds as security devices, the' trustee' holds bare legal title to the property pending the borrower/trustor paying off the underlying debt or promissory note. The trustee is usually a lending institution, trust company or title insurance company.