Define: FBO Account

How is FBO Account defined in a legal contract?

• FBO Account means a special purpose, segregated account that does not bear interest, established by a particular financial institution. This account will not be considered a general deposit and not be available for setoff by the financial institution or garnishment by creditors of the same institution. Seen in 5 SEC Filings
• FBO Account means a deposit account, known as a non-interest-bearing account, held at a financial institution for the benefit of particular members. Seen in 3 SEC Filings
• FBO Account means a deposit account, it is titled for the benefit of particular members and is maintained by a corporation. Seen in 3 SEC Filings
• FBO Account means an account that a Company maintains in particular for its members. This account may be replaced or additional accounts may be added to it over time. Seen in 3 SEC Filings
• FBO Account means the account held by a company at a bank, titled for the benefit of its lender members. An alternate Holder account may be designated by a Trustee according to an Indenture. Seen in 2 SEC Filings
• FBO Account means an account set up as a 'special purpose' account. This account, which does not bear interest, is segregated from others and established at a particular financial institution. Seen in 1 SEC Filing

Note: Each definition follows the previously provided structure and contains no specific organizational names or irrelevant details, ensuring that they are simplified, improved, and understandable for business users.

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of fbo account' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

• FBO Account means a non-interest-bearing, segregated account held by [organization], untouchable by its creditors.

Relevant Contract Types

• Financial Service Agreement
• Loan Agreement
• Trust Agreement

Relevant Circumstances

• Setting up escrow accounts
• Structuring financial services or operations
• Forming trusts

Relevant Sectors

• Financial Services
• Banking
• Real Estate

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Genie Definition 2

• FBO Account means a deposit account maintained by [organization], specifically for the benefit of its members.

Relevant Contract Types

• Membership Agreement
• Cooperative Agreement
• Consortium Agreement

Relevant Circumstances

• Establishing membership organizations
• Forming cooperatives or consortiums
• Setting up pooled funding mechanisms for group ventures

Relevant Sectors

• Non-Profit Organizations
• Educational Institutions
• Community Groups

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