trust account


Definitions (2)

1.An 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 premiums associated with a mortgaged property. Also called escrow account.
2.A savings account established under a trust agreement whereby a trustee administers the funds for the benefit of one or more beneficiaries.

Use trust account in a sentence

  • The trust account was in place so any concerns were alleviated, we proceeded as we hoped with the new business deal.

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  • I had to open a trust account with the bank because I would need to pay a property tax and needed money for that.

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  • You may want to set up a trust account that you can have to help ease your mind of ever losing it all./

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