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 ?
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.
According to a CBC document the uninsured deposits in Bank of Cyprus were estimated at e1/48.1 billion, excluding client/nominee and or trustee accounts amounting to e1/40.7 billion, which will generate capital worth of e1/43.1 billion.
They are charged with moving both sums, held in trustee accounts, contrary to the Proceeds of Crime Act.
* 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. The Pittsburgh Branch also warehouses unissued savings bond stock received from the bond printer for distribution to the other Federal Reserve offices and to companies and federal, state, and local government entities that issue bonds to employees through the payroll savings plan.