a pooled interest-bearing account
| 18:15 Nov 27, 2012 |
| English language (monolingual) [PRO] Bus/Financial - Accounting | ||||
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| SUMMARY OF ALL EXPLANATIONS PROVIDED | ||||
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| 4 +1 | an account that commingles different funds and earns interest |
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Answers
7 mins confidence: 
peer agreement (net): +1
peer agreement (net): +1an account that commingles different funds and earns interest Explanation: account - refers to a checking or savings account or something like that pooled - in this context means that different grant funds are placed in the same account (commingled) interest bearing - means that the account earns interest -------------------------------------------------- Note added at 13 mins (2012-11-27 18:28:35 GMT) -------------------------------------------------- The following article is all about pooled accounts, in a slightly different context. IN this case it is not different grant funds that are pooled (commingled) but different customer funds. "2006 New Mexico Statutes - Section 58-28-4 — Trust accounts; escrow accounts; pooled interest-bearing transaction accounts; disposition of earned interest on certain accounts. 58-28-4. Trust accounts; escrow accounts; pooled interest-bearing transaction accounts; disposition of earned interest on certain accounts. A. A title company that maintains one or more trust accounts or escrow accounts into which customer funds are deposited for use in the purchase, sale or financing of real property located in New Mexico may maintain one or more pooled interest-bearing transaction accounts and may deposit customer funds into those accounts, except for funds required to be deposited into interest-bearing accounts or investments under instructions from one or more of the parties to a transaction that provide for the payment of interest to be earned on the deposited funds to a person other than the title company." |
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