escrow agent


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Escrow Agent

A third party who agrees to hold funds or assets in escrow. The escrow agent provides this service to two parties in a transaction until certain conditions are filled. The escrow agent holds the assets until the transaction is finalized and then gives them to the appropriate party. See also: Bulk sales escrow.

Escrow agent.

An escrow agent is the person or group that holds certain of your assets in an escrow account while you negotiate the final terms of a contract.

For example, if you are buying a home, the escrow agent would hold the down payment you make when your offer is accepted until the purchase is finalized.

escrow agent

A person or firm who agrees to hold funds for others and disburse them according to lawful instructions.

References in periodicals archive ?
5) Since the escrow agent pays the premiums on behalf of the owners he obtains the funds from the owners (e.
Designation of Escrow Agent and Acceptance of Escrow Agent Duties.
That means the fiduciary duty is imposed upon every title insurer serving as an escrow agent, irrespective of whether or not the engagement contract specifically mentions the duty.
The escrow agent also administers the terms and conditions of the agreement by reporting to both parties any activity relative to the deposit account, and the agent coordinates any desired actions on the part of the parties, including a request for source code release.
In some instances--and only when the criticality of the technology demands it--the licensee may have enough negotiating leverage to persuade the developer to agree to an expedited or "demand" release, which allows for access to the source code immediately after the licensee has notified the escrow agent that a release condition has occurred.
Following the execution of the escrow agreement, the deposit materials must be delivered to the escrow agent.
After determining that the request is authentic, the escrow agent either would release the data recovery key - if it is unique to the user - or use the key to determine and release the data encryption key.
3d 785 (1990), the court stated that an escrow company has an implied obligation to do all of the things normally done by an escrow agent not expressly excluded by the escrow instructions.
com also advises buyers to protect against escrow scams by not letting the seller choose the escrow agent; instead, the buyer should insist on using an escrow agent of the buyer's choosing.
XL Group and RPS/Plus Companies have expanded their underwriting partnership to bring professional liability insurance to another class of business -- title & escrow agents.
The escrow agent is a neutral third party, trusted to safeguard the vendor's technology assets and protect parties licensing that technology.
After determining that the request is authentic, the escrow agent either would release the data recovery key -- if it is unique to the user -- or use the key to determine and release the data encryption key.