trust account

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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 ?
Beneficiaries (except temporarily under a blind trust for example, for the Prime Minister, Chancellor of the Exchequer, or Director of Serious Fraud Office) must have a right to make the trustee account, and objects of a power will normally be intended to have such a right, see Spellson v.
Birmingham Midshires is writing to its members to highlight the terms of the Act and to ask them to register with the society if they think they could be a trustee account holder.
Lack of or inadequate "know your customer" requirements to open accounts or conduct financial transactions, including the permitted use of anonymous, nominee, numbered or trustee accounts.
Enterprising kids usually open what are called trustee accounts under the Uniform Gift to Minors Act, even if the funds they employ were earned, rather than a gift.
The Pittsburgh Branch of the Cleveland Reserve Bank manages the original issue, reissue, redemption, and account maintenance of the special book-entry trustee accounts.
7 billion of client nominee and /or trustee accounts, of which the beneficiaries are still in the process of being determined.
Master trusts separate back-office services for pension funds from investment services for the funds to create unified trustee accounts for custody, settlement, receipt of interest and dividend payments, foreign exchange risk management and other administrative functions.
No later than May 5, the corporation will certify any deficiency between: the tobacco settlement revenues received by April 30, plus any other amounts available for operating expenses or debt service in trustee accounts, including the reserves and surplus account, and the debt service and operating expenses due in the next 12 months.