Texas Estates Code 456.001 – Definition
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Terms Used In Texas Estates Code 456.001
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
In this chapter, “eligible institution” means a financial institution or investment company in which a lawyer has established an escrow or trust account for purposes of holding client funds or the funds of third persons that are in the lawyer’s possession in connection with representation as required by the Texas Disciplinary Rules of Professional Conduct.