Definition of Trust account:
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.
A savings account established under a trust agreement whereby a trustee administers the funds for the benefit of one or more beneficiaries.
How to use Trust account in a sentence?
- I had to open a trust account with the bank because I would need to pay a property tax and needed money for that.
- The trust account was in place so any concerns were alleviated, we proceeded as we hoped with the new business deal.
- You may want to set up a trust account that you can have to help ease your mind of ever losing it all./.
Meaning of Trust account & Trust account Definition