Special Account
/ˈspɛʃəl əˈkaʊnt/
Definitions
- (n.) A designated account used to hold funds separately for a specific legal purpose, often under fiduciary or regulatory control.
The law requires a special account to hold the escrow funds until closing.
- (n.) An account maintained separately within an organization for earmarked funds, typically governed by special statutory or contractual provisions.
The special account was established under the funding agreement to ensure transparency and proper use.
Forms
- special account
- special accounts
Related terms
See also
Commentary
Special accounts differ from general accounts by the legal requirement to segregate and restrict fund use, ensuring compliance with specific legal or contractual obligations.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.