business trust

A form of business organization, similar to a corporation, in which investors receive transferable certificates of beneficial interest (instead of stock shares). — Also termed Massachusetts trust; common-law trust. [Cases: Joint–Stock Companies and Business Trusts 1, 8. C.J.S. Business Trusts §§ 2–8, 10–12, 17–18, 37; Joint Stock Companies§§ 2–4, 6, 11.]