Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post

Titan · 06-01-2012, 06:59 AM

I would suggest that the term trust account is as much for your benefit as the bank's. It denotes the trust relationship between you and the trustees. You have a fiduciary duty as a trustee to ensure the money is used only for its intended purpose and as smartcar says that is why it is in an isolated account. When you have many beneficiaries, all with the same duty owed, you can use the same account. I assume you came up against a dumb teller as opposed to the bank not knowing what it meant. The lawyer trust account is good advice. It is basically the same account you are looking for.

06-01-2012, 06:59 AM	#7
Titan First Line Centre Join Date: Dec 2006 Exp:	I would suggest that the term trust account is as much for your benefit as the bank's. It denotes the trust relationship between you and the trustees. You have a fiduciary duty as a trustee to ensure the money is used only for its intended purpose and as smartcar says that is why it is in an isolated account. When you have many beneficiaries, all with the same duty owed, you can use the same account. I assume you came up against a dumb teller as opposed to the bank not knowing what it meant. The lawyer trust account is good advice. It is basically the same account you are looking for.