trust account

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Related to trust account: trust fund
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  • noun

Synonyms for trust account

a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime

References in periodicals archive ?
It found that bank statements from January 2013 that Shockley provided as part of the investigation showed a balance in the clients' trust account of nearly $1 million less than bank statements for the same account a month earlier, in December 2012, that Shockley had provided for the mail-in audit that had been done in 2013.
Credit unions were not able to offer the same level of insurance for these accounts as banks; because not all clients of a lawyer were members of the credit union that held the trust account," an NCUA press release said.
In a pattern of misconduct: Brannagan engaged in overdrafts of funds, misappropriated client funds for his own benefit, failed to perform the required monthly trust account reconciliations and comparisons, and failed to follow minimum trust accounting procedures.
the proposal to amend the agreement governing the Trust Account to extend the life of the Trust Account consistent with the Article Amendment Proposal (the "Extension"), and permit the Company to distribute the assets of the Trust Account to the holders of the Company's ordinary shares issued in the Company's initial public offering who wish to exercise their redemption rights in connection with the Extension.
Badr Al Islami was one of the first institutions to be approved by the Land Department to open Trust Management Account and was also the first institution to open a developer's Trust Account in Dubai.
Donations can be made to the Bolanos trust account at any Antelope Valley Bank branch.
With little variation, the money will flow from the employer account to the trust account to the TPA.
A trust account is a fiduciary account established to hold funds that belong to another party.
The Company intends to deliver a termination letter to Continental Stock Transfer & Trust Company ("Continental"), the trustee of its trust account, to inform Continental that it will not complete a business combination within the required time frame and instruct Continental to commence liquidation of the trust account as promptly as practicable.
TACTAFI will protect all client monies held by TravelManagers until the funds are paid to end travel providers/suppliers, said Barry Mayo, TravelManagers chairman, This new business-insurance product has been created to protect client funds in the unlikely event that they go missing from, or are not paid into the Insured Trust Account as a result of fraudulent or dishonest activity.
The case began when two checks from the attorney's law firm trust account were returned for lack of funds, although they were honored when presented the following day.
One sign of how specialized these accounts are is the fact that major New York banks often refer parents looking to open a child performer trust account to AFCU.
The Company expects that on or about September 8, 2009, the trustee of the Company's trust account will make a final liquidating distribution of the trust account of approximately $8.
For example, assume a trust account has a 55-year-old income beneficiary and the distributive income provision calls for the trust income to be paid to his beneficiary quarterly or in more frequent installments with no discretionary power to distribute trust principal.
The liquidators' responsibilities include the settling any outstanding creditor claims and making a pro rata distribution to the holders of securities issued in the Company's April 28, 2006 initial public offering (the "IPO"), from the trust account (the "Trust Account") into which the net proceeds of the IPO were deposited (plus (i) one-half of the interest earned on the Trust Account and (ii) any remaining net assets) The per share distribution amount will not be determined until after the liquidators have evaluated and paid the creditors' claims and may be less than the IPO price of US$8.