A charitable corporation is more a trust than a corporation, a topic that is taken up in an earlier posting on this site. See http://www.jdsupra.com/legalnews/the-charitable-corporation-a-trust-in-d-90654/. In the case of a non-charitable corporation, however, neither the corporation itself nor its directors hold the corporate assets in trust, absent special facts. Charles E. Rounds, Jr. and Charles E. Rounds, III explain in §9.9.7 and §9.9.8 of Loring and Rounds: A Trustee’s Handbook [pages 1480-1481 of the 2014 Edition].