What is Trust Fund?

Legal Definition
This term applies to the property and money that is held in a trust and the property and money that is administered by the trustees.
Legal Definition
A fund held by a trustee for the specific purposes of the trust; in a more general sense, a fund which, legally or equitably, is subject to be devoted to a particular purpose and cannot or should not be diverted therefrom. In this sense it is often said that the capital and other property of a corporation is a "trust fund" for the payment of its' debts. See Henderson v. Indiana Trust Co., 143 Ind. 561, 40 N. E. 516; In re Beard's Estate, 7 Wyo. 104, 50 Pac. 226, 38 In R. A. 860, 75 Am. St. Rep. 882.
-- Black's Law Dictionary