Separate Depository Bank Account Clause Samples
The Separate Depository Bank Account clause requires that funds related to a specific transaction or agreement be held in a distinct bank account, separate from the general accounts of the party receiving the funds. In practice, this means that any money received—such as client payments, escrow funds, or deposits—must be deposited into a dedicated account that is not commingled with other assets. This arrangement ensures that the funds are easily identifiable and protected, reducing the risk of misuse or confusion, and providing clear accountability for the handling of those funds.
Separate Depository Bank Account. If Public Body is a Court, then it shall maintain a corresponding depository bank account, with a depository financial institution acceptable to County, for the receipt of monies owed to Public Body/Court. Public Body/Court shall provide County with all necessary bank account numbers and routing number to give effect to this requirement.