trust account


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Related to trust account: trust fund

trust account

A bank account specially designated to hold funds that belong to others.Real estate brokers and attorneys are required to maintain separate trust accounts for client money and for escrowed funds.

References in periodicals archive ?
In reviewing the mail-in trust account audit, I don't see anything we missed there that we should have seen," she said.
Admitted to practice: 1983) Foster misappropriated funds from his trust account and failed to maintain the required trust accounting records and procedures.
More specifically, they will continue to have the same rights with respect to any future redemptions of ordinary shares of the Company or any liquidation of the Company's trust account, or the Company as a whole.
With this agreement, Badr Al Islami will be committed to opening trust accounts for developers in the emirate and ensure that property investors' funds are protected.
It is a serious red flag should the marketing company request funds from the employer pass through their operation prior to the trust account or the TPA.
If a complex has a pop machine and a laundry room, then those funds should also be deposited in the trust account and accounted for if they are owner funds.
Upon the payment of all the funds in the trust account, the investment management trust agreement shall terminate in accordance with the terms thereof and the trust account shall be closed.
An outside CPA hired by the attorney concluded that the attorney's longtime bookkeeper had both embezzled from and mismanaged the trust account without the attorney's knowledge.
Coogan accounts, also known as child performer trust accounts, blocked trust accounts and trust accounts, are required in California, New York, Louisiana and New Mexico.
The liquidators have determined that a Form 20-F for the year ended December 31, 2007 will not be filed for the following reasons: the Company is in the process of liquidation and additional expenses should be minimized to allow for a larger distribution to shareholders and the Company's major asset as of December 31, 2007 was the Trust Account and information with respect thereto has been given to shareholders.
He established a trust account, '1Source Wholesale Investments Pty Ltd ITF Avior Pre-IPO Trust' (trust account) to which he was the sole signatory, to collect his clients' funds.
An attorney shall deposit and maintain all funds received in connection with transactions in which the attorney is serving as a title or real estate settlement agent into a separate trust account that is maintained exclusively for funds received in connection with such transactions and permit the account to be audited by its title insurers, unless maintaining funds in the separate account for a particular client would violate applicable rules of The Florida Bar.