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English definition of “trust account”

trust account

noun [C]     FINANCE
a bank account that is used by a person or organization to manage money for another person or group of people : The money was deposited in a trust account for her until she reached the age of 18.
an account that is used to keep money for a particular purpose : A trust account has been established by the solicitors for donations to the charity .
an account set up by two people or organizations in which money or property is kept by a third person or organization until a particular condition is satisfied : All pre-payments by travellers are placed in a trust account and not released until completion of the tour .
→ See also escrow
(Definition of trust account noun from the Cambridge Business English Dictionary © Cambridge University Press)
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