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Trust Account definition: Copy, customize, and use instantly

Introduction

The term "Trust Account" refers to an account used to hold assets on behalf of another party, typically managed by a trustee, in accordance with the terms of a trust agreement. These accounts are commonly used for holding funds for specific purposes, such as estate planning, legal settlements, or fiduciary obligations.

Below are various examples of how "Trust Account" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.

Definition of "Trust Account" as part of an estate planning arrangement

This definition ties "Trust Account" to estate management.

"Trust Account" refers to an account established under the terms of a trust agreement, where assets are held for the benefit of beneficiaries according to the instructions set forth by the settlor in the estate plan.

This definition connects "Trust Account" to legal settlements.

"Trust Account" means a special account set up by the trustee or legal representative to hold settlement funds until distributed to the appropriate parties in accordance with the settlement agreement.

Definition of "Trust Account" as used in a real estate transaction

This definition links "Trust Account" to real estate escrow arrangements.

"Trust Account" refers to an account used by a real estate agent or escrow company to hold funds on behalf of the buyer and seller during a real estate transaction, ensuring that funds are appropriately disbursed at closing.

Definition of "Trust Account" as part of fiduciary responsibility

This definition applies "Trust Account" to fiduciary duties.

"Trust Account" means an account held by a fiduciary, such as a trustee or attorney, to manage and safeguard funds for the benefit of another party, ensuring compliance with fiduciary obligations.

Definition of "Trust Account" as part of a charitable trust

This definition connects "Trust Account" to charitable giving.

"Trust Account" refers to an account established to hold and manage assets for a charitable organization or cause, in accordance with the terms of the charitable trust agreement.

Definition of "Trust Account" as used in financial services

This definition links "Trust Account" to investment management.

"Trust Account" means an account used by financial institutions to hold assets, such as stocks, bonds, or cash, on behalf of clients or beneficiaries, typically managed under the guidance of a trustee or financial advisor.

Definition of "Trust Account" as a client escrow account

This definition ties "Trust Account" to escrow services.

"Trust Account" refers to an escrow account held by a third party, where funds are held temporarily for a client, such as during a transaction, until the terms of the agreement are met.

This definition connects "Trust Account" to tax liabilities.

"Trust Account" means an account set up to hold funds for the payment of taxes owed by a trust or its beneficiaries, ensuring that the tax obligations are met in a timely manner.

Definition of "Trust Account" as part of a securities transaction

This definition links "Trust Account" to securities-related activities.

"Trust Account" refers to an account used to hold and manage securities, such as stocks or bonds, on behalf of the beneficiaries or investors, in accordance with the terms of the trust agreement.

This definition connects "Trust Account" to business continuity.

"Trust Account" means an account established as part of a business succession plan, where assets are held to ensure that business obligations are met, such as funding buy-sell agreements or shareholder disputes.

This definition ties "Trust Account" to special needs arrangements.

"Trust Account" refers to an account created to hold assets for the benefit of an individual with special needs, ensuring the funds are used in accordance with the trust's provisions.

Definition of "Trust Account" as part of a pension plan

This definition connects "Trust Account" to retirement planning.

"Trust Account" means an account used to hold assets for the benefit of employees under a pension plan, managed by a trustee in accordance with the terms of the plan.

Definition of "Trust Account" as used in asset protection planning

This definition links "Trust Account" to asset safeguarding.

"Trust Account" refers to an account set up to protect assets from creditors, ensuring that the assets are held in trust for the beneficiary according to the terms of the trust agreement.

Definition of "Trust Account" as part of a family trust

This definition applies "Trust Account" to family estate planning.

"Trust Account" refers to an account established under a family trust, where assets are held and managed for the benefit of family members, in accordance with the instructions set forth by the trust's grantor.

Definition of "Trust Account" as used in an insurance settlement

This definition connects "Trust Account" to insurance claims.

"Trust Account" means an account used to hold insurance settlement proceeds, ensuring that the funds are properly allocated and distributed according to the terms of the policy or settlement agreement.

This definition ties "Trust Account" to employee compensation.

"Trust Account" refers to an account used to hold and manage funds for employee benefits, such as pension contributions or health benefits, in compliance with applicable laws and regulations.

This definition connects "Trust Account" to mortgage payments.

"Trust Account" means an account used by a mortgage servicer to hold escrowed funds for property taxes, insurance, and other obligations, ensuring that the payments are made on behalf of the borrower.

Definition of "Trust Account" as part of a cross-border transaction

This definition links "Trust Account" to international transactions.

"Trust Account" refers to an account used in cross-border transactions to hold funds temporarily until all parties' obligations are met, typically involving currency exchange and international laws.

Definition of "Trust Account" as used for joint ventures

This definition ties "Trust Account" to joint venture agreements.

"Trust Account" refers to an account used in a joint venture arrangement to hold capital contributions, revenue, or other funds that are to be distributed according to the joint venture terms.

This definition links "Trust Account" to insolvency law.

"Trust Account" means an account used in bankruptcy proceedings to hold assets that are to be distributed to creditors or other parties in accordance with the bankruptcy plan.

Definition of "Trust Account" as part of an inheritance plan

This definition connects "Trust Account" to estate inheritance.

"Trust Account" refers to an account that holds assets for beneficiaries according to an inheritance plan, ensuring the proper management and distribution of assets.

Definition of "Trust Account" as used in a divorce settlement

This definition applies "Trust Account" to divorce proceedings.

"Trust Account" refers to an account set up to hold and manage settlement funds in a divorce, ensuring the appropriate distribution of assets according to the court's order.

This definition ties "Trust Account" to legal judgments.

"Trust Account" means an account set up in compliance with a court order to hold assets or funds until certain conditions are met or until the funds are distributed according to the court's instructions.

Definition of "Trust Account" as part of a loan agreement

This definition links "Trust Account" to lending transactions.

"Trust Account" refers to an account used to hold funds that are part of a loan agreement, such as collateral or escrow funds, ensuring that the loan conditions are met before disbursement.

Definition of "Trust Account" as part of a merger and acquisition

This definition connects "Trust Account" to M&A transactions.

"Trust Account" means an account used to hold funds during a merger or acquisition transaction, ensuring that payments are made to the relevant parties as specified in the agreement.

This definition ties "Trust Account" to payment processing.

"Trust Account" refers to an account used by financial institutions to hold funds related to credit card transactions, ensuring the proper settlement of payments to merchants and customers.

This definition connects "Trust Account" to corporate governance.

"Trust Account" refers to an account used to hold shares or voting rights for stockholders, ensuring that the shares are managed in accordance with the trust agreement for corporate decisions.

Definition of "Trust Account" as part of a capital raise

This definition applies "Trust Account" to fundraising efforts.

"Trust Account" refers to an account used to hold capital raised from investors, ensuring that the funds are distributed according to the terms of the capital raise.

Definition of "Trust Account" as used in a healthcare trust

This definition links "Trust Account" to healthcare arrangements.

"Trust Account" means an account established to hold funds for healthcare expenses, including medical bills and insurance premiums, managed by a trustee for the beneficiary's benefit.

This definition connects "Trust Account" to education funding.

"Trust Account" refers to an account used to hold and manage student funds, such as scholarships or grants, ensuring that the funds are used for educational purposes.

Definition of "Trust Account" as part of a tax-exempt organization

This definition ties "Trust Account" to nonprofit management.

"Trust Account" refers to an account used by a tax-exempt organization to hold funds for charitable purposes, ensuring that the funds are used in compliance with the organization's mission.

This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.

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