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LSDefine

Simple English definitions for legal terms

trust account

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A quick definition of trust account:

A trust account is a special bank account that a lawyer uses to hold money that belongs to their client. This could be money from a settlement or money that the client gave to the lawyer to use later in a business transaction. The account usually earns interest and is sometimes called a client trust account.

A more thorough explanation:

A trust account, also known as a client trust account, is a type of bank account that a lawyer uses to hold money belonging to a client. This money may come from a variety of sources, such as a settlement in a client's case or money received from a client's debtor. The account is usually interest-bearing, which means that the money in the account can earn interest over time.

For example, if a lawyer settles a case for a client and receives a settlement check, the lawyer would deposit the money into the client trust account. The lawyer would then use the money to pay any outstanding bills or fees related to the case before distributing the remaining funds to the client.

Another example would be if a client gives a lawyer money to hold for a future business transaction. The lawyer would deposit the money into the trust account and hold it until the transaction takes place.

These examples illustrate how a trust account is used to protect a client's money and ensure that it is used appropriately by the lawyer.

true-value rule | trust agreement

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
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im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
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22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
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JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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