Trust account

Trust account,

Definition of Trust account:

  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.

How to use Trust account in a sentence?

  1. I had to open a trust account with the bank because I would need to pay a property tax and needed money for that.
  2. The trust account was in place so any concerns were alleviated, we proceeded as we hoped with the new business deal.
  3. 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