Escrow

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Escrow

Property or money held by a third party until the agreed upon obligations of a contract are met.

Escrow

A certificate stating that an asset is being held by a third party on behalf of two parties to a transaction until certain conditions are filled. An escrow agreement is issued by the bank or other institution holding the asset in escrow and is useful to prove to one party or the other that the escrow has in fact taken place. See also: Escrow agent.

escrow

The holding of assets (that is, securities) by a third party.

Escrow.

When someone else holds assets of yours until the terms of a contract or an agreement are fulfilled, your assets are said to be held in escrow. The assets could be money, securities, real estate, or a deed.

The person or organization that holds the assets is the escrow agent, and the account in which they are held is an escrow account.

For example, if you make a down payment on a home, the money is held in escrow until the sale is completed or the deal falls through.

Amounts you prepay to cover property taxes and insurance premiums as part of your regular mortgage payment are also held in escrow until those bills come due and are paid. In that case, you may earn interest on the amount in the escrow account.

escrow

The process in which money and/or documents are held in trust by a disinterested third party who will consummate the instructions of the parties as expressed in their contracts.The third party is called the escrow agent.The escrow agreement usually contains a clause providing that if the parties disagree about something and are unable to resolve their differences, the escrow company will pay all money on hand into court in an action called an interpleader,name the disputing parties as defendants,disclaim any interest of its own in the property except for reimbursement for costs and expenses of bringing the interpleader action, and then let the parties battle it out in court. This effectively takes the escrow company out of the middle of any disputes and avoids liability on its part.

References in periodicals archive ?
In a world with escrows, some victims who otherwise would have been willing to go it alone and file an initial allegation will instead prefer to place that allegation in escrow. Some of these escrow allegations will never see the light of day.
To construct an alternative world in which escrows are allowed, assume that in stage 2 victims have the additional option of filing their allegation in escrow. If at least the triggering number of escrowed allegations is lodged against a professor in stage 2, then the escrow agent makes the professor's identity public by formally lodging a complaint.
Identifying which software falls into that critical category and properly protecting it in escrow is a vital part of any business continuity plan.
The Dubai Land Department calls on all investors to deposit their money in Escrow accounts and transfer payments to developers as per the percentage of completion in the projects.
the IRS indicated that the interest income earned in the account should be taxed to the "owner (either A or B) of the funds." After acknowledging that legal ownership of the funds was not determined until the final judgment by the appeals court--more than two years after the escrow had been created--the Service abruptly concluded that B would be taxed on the income while the funds were in escrow.
Thus, while not setting forth any rule to be followed as a precedent, the Service held that when a contributor (B)places funds in escrow pending the outcome of litigation that could result in the funds either being returned to the contributor or distributed to the payee (A), the income earned until the ownership of the funds is legally resolved is taxed to the contributor (B).
The deal has been completed in escrow, the company said.
(69.) Of course, the risk of collusion may be higher in escrowed complaints than in direct, public complaints.
While we would argue strenuously against removing sanctions of the accused as a way of extracting aggregate or nontraditional data from escrowed complaints, we can imagine that many schools could find analogous ways of utilizing the information in escrowed complaints even before they were matched.
M2 EQUITYBITES-November 9, 2012-Frontier receives grant of USD29.1m in escrowed funds from West Virginia PSC(C)2012 M2 COMMUNICATIONS http://www.m2.com