trust account


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Related to trust account: trust fund
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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 ?
Under Wisconsin regulations, security deposits must be kept in a trust account only if they are held by the broker in a brokerage account.
Eich submitted a report in February recommending that Erhard's license be suspended for six months and adopting Erhard's suggestion, noting that Erhard would have to certify to the OLR each year that he is not responsible for any trust account or trust property.
Even then, the RM11.86 billion was never transferred to the Tax Refund Trust Account, Lim said.
The minister previously disclosed in Parliament that the RM19.3 billion was missing from the government's trust account and accused the Barisan Nasional government of 'robbing' businesses of this sum.
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 government faces a shortfall of RM19.25 billion because there is only RM148.6 million in the GST Refunds Trust account, when there should be RM19.4 billion,' Lim added.
"[A]s an attorney and fiduciary, [the lawyer] was directly responsible for his firm's trust account and for supervision of employees," the March 22 opinion said.
Additionally, after redemption of 3,031,985 of the company's shares related to the extension, a total of about USD170.7m will remain in its Trust Account. Further, its sponsor agreed to contribute to it as a loan USD0.025 for each public share that was not redeemed in connection with the shareholder vote to approve the extension, for each calendar month, or part thereof, needed by the company to complete a business combination (the contribution).
ASIC found that between February 2011 and March 2012, Mr Flowers improperly disbursed at least $720,331.70 from the trust account. Of these disbursements, at least $696,138.20 was paid to entities related to Mr Flowers.
The Customs Department had requested from the monthly Trust Fund committee meetings, that RM82.9 billion be transferred to the GST Refunds Trust Account, but only RM63.5 billion was effected, giving rise to the shortfall of RM19.25 billion.
Murphy also noted that because of Voss testimony at the hearing, it appeared that Murphy still had not learned how to properly handle client money by using a trust account. Voss appealed Murphys decision, contending that the failure to properly notify clients and others of his suspension was an oversight.
A hitch that held up the pilot program--allowing participating lawyers who prefer not to use electronic payments to print trust account checks at their offices--has been resolved, according to Board of Governors Parliamentarian Andy Sasso.
Further, at the annual meeting held to approve the extension, shareholders of 495,335 public shares exercised their right to convert their shares into a pro rata portion of the cash held in the company's trust account related to the extension.
The minister has accused BN of 'robbing' businesses of the sum as the amount was missing from the government's trust account from which Goods and Services Tax (GST) refunds were meant to be paid.
Some of the allegations stem from his conviction in 2014 for failing to pay taxes for two years and others from his management of his firms trust account. According to the OLR, Curtis failed to follow proper trust-accounting procedures and the firm thus could notascertain who owed $29,000 in its trust account.