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Trust Account
A bank account in which one party (the trustee) such as an attorney, holds funds belonging to another person (such as a client), a bank account into which funds advanced to a law firm by a client are deposited. Also called an escrow account.
Escrow Account
A financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction.
Advanced Funds
Money paid or received before a transaction or event has occurred, often as part of an agreement or to cover initial costs.
Ethical Opinion
An advisory statement issued by a professional organization or governing body that outlines the ethical standards of a particular profession or practice.
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