trust account
noun[C]
FINANCEukusabankaccountthat is used by apersonororganizationtomanagemoneyfor anotherpersonorgroupofpeople:
Themoneywasdepositedin atrustaccountfor her until shereachedtheageof 18.
anaccountthat is used tokeepmoneyfor aparticularpurpose:
Atrustaccounthas beenestablishedby thesolicitorsfordonationsto thecharity.
anaccountset up by twopeopleororganizationsin whichmoneyorpropertyiskeptby a thirdpersonororganizationuntil aparticularconditionissatisfied:
All pre-payments bytravellersareplacedin atrustaccountand notreleaseduntilcompletionof thetour.
See also
escrow