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LSDefine
Simple English definitions for legal terms
blocked account
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A quick definition of blocked account:
A blocked account is a type of bank account that has restricted access, meaning that the account holder cannot withdraw or transfer money from the account. This can happen for various reasons, such as government restrictions or authorized persons blocking the account. It is also sometimes called a frozen account.A more thorough explanation:
A blocked account is a type of bank account where access to the funds has been restricted by either the government or an authorized person. This restriction can be due to various reasons, such as hostilities between two countries or legal disputes. The account holder cannot withdraw or transfer funds until the restriction is lifted.
For example, during a war, a country may block access to the bank accounts of citizens of the enemy country. This means that the citizens cannot access their funds until the hostilities end and the restriction is lifted.
Another example is when a court orders a bank to freeze an account due to a legal dispute. The account holder cannot access the funds until the dispute is resolved.