trust account definition

trust account

Umbrella term for all types of trust accounts handled by a bank's trust department or a trust company in complete isolation from its other accounts or assets.

Escrow account in which a bank or trust company (acting as an authorized custodian) holds funds for specific purposes such as to pay property taxes and/or insurance premium associated with a mortgaged property.

Savings account established under a trust agreement whereby a trustee administers the funds for the benefit of one or more beneficiaries.

trust account is in the Banking, Commerce & Finance subject.

trust account appears in the definitions of the following terms: employee profit sharing plan (EPSP) and trust department

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