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

  • Also known as an escrow account, a trust account is seen when a company withholds money for a particular reason.

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