Definitions for "JOINT CONTROL"
An agreement by written agreement between a fiduciary and a surety, and acknowledged by the bank in which funds are deposited and securities lodged for safekeeping, whereby both parties jointly supervise both funds and securities, and their withdrawal, entailing signature and countersignature.
An arrangement by written agreement between a fiduciary and a surety, acknowledged by the bank in which funds are deposited or securities lodged so that the funds or securities are controlled by both parties; usually all checks are required to be signed by the fiduciary and countersigned by an authorized representative of the surety and access to the securities can be had only in the presence of an authorized representative of the surety.
A practice in fiduciary bonds whereby trust assets may be handled only upon the signature and consent of both the principal and the surety.
a builder's construction control service which acts as an escrow holder of a consumer's money
An independent escrow used to safeguard and disburse construction funds.
A life insurance policy provision that states that a person, persons or organization other than the insured, usually the beneficiary, has a joint right with the insured to the exercise of the rights, powers, benefits, privileges and the options of the policy.