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 ?
The account must be identified as a trust account with the broker as trustee.
Erhard filed a motion for reconsideration in March, asking Eich to reconsider his conclusion that Erhard had admitted to violating the rule prohibiting cash withdrawals from a trust account.
The Finance Ministry has since launched an internal investigation into the missing billions of GST refunds from the trust account, seeking to establish the circle of decision makers from the previous administration who were responsible for the missing sum.
The lawyer placed the employee in charge of that process, including access to and control of the firm's trust account.
Following cancellation of the IPO, Avior returned $30,000 to the trust account with the intention that it be returned to investors.
'Did he approve the decision by Mohd Irwan not to transfer the full RM82.9 billion as requested by Customs, but only RM63.5 billion or a shortfall of RM19.25 billion to the GST Refunds Trust Account?
The board also is considering an amendment to its Standing Board Policies that would create a safe harbor for lawyers for technical trust account violations if they participate in the proposed trust account program.
Lim previously said the input tax credits were booked directly as revenue by the previous BN administration and included directly in the consolidated fund for immediate spending instead of being held in the trust account for future refunds.
The appeals court held that when interest from prisoners' trust accounts is used to pay for the administration of the fund, providing benefit to prisoners, there is no "taking." The court found that the inmate had waived any property interest he may have had in interest in the trust account, since participation in the statutorily-created trust fund was voluntary.
Former prime minister Datuk Seri Najib Razak today questioned Finance Minister Lim Guan Eng on why it took him three months before realising that the GST refunds trust account was missing RM18 billion.
'I hope he will face the Ministry's internal inquiry and an open inquiry explaining why he approved the decision to not put the money into the designated trust account.
The attorney deposited it into his trust account, and then received instructions to wire the funds to an inspection company.