Trust account: Difference between revisions
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imported>Doug Williamson (Create page. Source: Business Dictionary http://www.businessdictionary.com/definition/trust-account.html) |
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Revision as of 07:35, 15 April 2019
1.
A shorter term account in which a bank or other custodian holds funds belonging to others, for specific purposes only.
Also known as an escrow account.
2.
A longer term account established under a trust deed, in which a trustee administers the funds on behalf of the beneficiaries.
