trust account

trust account
trust account UK US noun [C] FINANCE
a bank account that is used by a person or organization to manage money for another person or group of people: »

The money was deposited in a trust account for her until she reached the age of 18.

an account that is used to keep money for a particular purpose: »

A trust account has been established by the solicitors for donations to the charity.

an account set up by two people or organizations in which money or property is kept by a third person or organization until a particular condition is satisfied: »

All pre-payments by travellers are placed in a trust account and not released until completion of the tour.

See also ESCROW(Cf. ↑escrow)

Financial and business terms. 2012.

Look at other dictionaries:

  • trust account — n: an account opened with a trust company (as a bank) under which an inter vivos or testamentary trust is set up (as for the escrow of funds) Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • trust account — n. 1. TRUST (n. 8c) 2. a savings account in a bank, the balance of which, at the death of the depositor, goes to a predesignated beneficiary …   English World dictionary

  • trust account — (See advance deposit account) …   Glossary of postal terms

  • trust account — noun a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary • Syn: ↑savings account trust, ↑savings …   Useful english dictionary

  • trust account — 1. an account of property established with a trust company by a grantor, for distribution during or after the grantor s lifetime. 2. Also called trustee account. Banking a savings account over which the depositor, while living, has sole control… …   Universalium

  • interest on lawyers trust account — A system in which lawyers place certain client deposits in interest bearing accounts, with the interest then used to fund programs, such as legal service organizations who provide services to clients in need. Dictionary from West s Encyclopedia… …   Law dictionary

  • account — I (evaluation) noun appraisal, assessment, com pre rendu, enumeration, financial statement, ledger, list of receipts and payments, ratio, register, statement, statement of debits and credits, statement of pecuniary transactions, tally, valuation… …   Law dictionary

  • Account In Trust — An account that is managed by one party for the benefit of another. It is sometimes called an account held in trust, and the trust relationship can be either explicit or implied. Accounts in trust are typically set up for minors, and transfer of… …   Investment dictionary

  • account — a record of a business transaction. When you buy something on credit, the company you are dealing with sets up an account . This means it sets up a record of what you buy and what you pay. You will do the same thing with any customers to whom you …   Financial and business terms

  • account — A detailed statement of the mutual demands in the nature of debit and credit between parties, arising out of contracts or some fiduciary relation. A statement in writing, of debits and credits, or of receipts and payments; a list of items of… …   Black's law dictionary

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