ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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TRUST ACCOUNT Definition
TRUST ACCOUNT is a separate bank account, segregated from a brokers own funds, in which the broker is required by state law to deposit all monies collected for clients; in some states called an ESCROW ACCOUNT.
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RECOURSE NOTE is a note where the default may result in loss of collateral and also personal suit and judgment. Most notes are recourse notes.
SUBSIDIARY is a company whose voting stock is more that 50% owned by another company.