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) |
imported>Doug Williamson m (Add link.) |
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* [[Agent]] | * [[Agent]] | ||
* [[Beneficiary]] | * [[Beneficiary]] | ||
* [[Custodian]] | |||
* [[Escrow account]] | * [[Escrow account]] | ||
* [[Settlement]] | * [[Settlement]] | ||
Revision as of 13:03, 24 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.
