Terpolymer resin (BPEDF-2) has been synthesized by the condensation of 2, 2’-biphenol and ethylenediamine with formaldehyde in 2:1:3 proportion in the presence of 2M HCl as a catalyst. The number average molecular weight of terpolymer resins has been determined by conductometric titration in nonaqueous medium. Viscometric measurement in dimethyl formamide has been carried out with a view to ascertain the characteristic functions and constants. Terpolymer resin composition has been determined on the basis of their elemental analysis. The structure of terpolymer resin has been elucidated on the basis of IR, NMR, UV-Visible spectral studies. The surface morphological feature of the BPEDF terpolymer resin was established by scanning electron microscopy (SEM). The concentration of different toxic metals has increased beyond environmentally and ecologically permissible lends due to increase in industrial activity. Many of the waste streams contain As (III) which can be removed by ion exchange method. A batch equilibrium method was employed in the study of the selectivity of metal ion uptake, involving the measurements of the distribution of a given metal ion between the terpolymer sample and the solution containing the metal ion. The study was carried out over a wide pH range and in media of various ionic strengths.