ESCROW

Escrow

An escrow is: an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party receives and disburses money or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of contractually agreed conditions by the transacting parties, or, an account established by a broker, under the provisions of license law, for the purpose of holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, a trust account held in the borrower's name to pay obligations such as property taxes and ...

The above text is a snippet from Wikipedia: Escrow
and as such is available under the Creative Commons Attribution/Share-Alike License.

escrow

Noun

  1. A written instrument, such as a deed, temporarily deposited with a neutral third party (the Escrow agent), by the agreement of two parties to a valid contract. The escrow agent will deliver the document to the benefited party when the conditions of the contract have been met. The depositor has no control over the instrument in escrow.
  2. In common law, escrow applied to the deposits only of instruments for conveyance of land, but it now applies to all instruments so deposited.
  3. Money or other property so deposited is also loosely referred to as escrow.
  4. The state of property deposited with an escrow agent.

Verb

  1. To place in escrow.


The above text is a snippet from Wiktionary: escrow
and as such is available under the Creative Commons Attribution/Share-Alike License.

Need help with a clue?
Try your search in the crossword dictionary!