Blacks 6th Escrow.

A legal document (such as a deed), money, stock, or other property delivered by the grantor, promisor or obligor into the hands of a third person, to be held by the latter until the happening of a contingency or performance of a condition, and then by him delivered to the grantee, promisee or obligee. A system of document transfer in which a deed, bond, stock, funds, or other property is delivered to a third person to hold until all conditions in a contract are fulfilled; e.g. delivery of deed to escrow agent under installment land sale contract until full payment for land is made. Escrow account. A bank account generally held in the name of the depositor and an escrow agent which is returnable to depositor or paid to third person on the fulfillment of escrow condition; e.g. funds for payment of real estate taxes are commonly paid into escrow account of bank-mortgagor by mortgagee. Escrow contract. Agreement between buyer, seller, and escrow holder setting forth rights and responsibilities of each. Escrow deposit. See Escrow account.

Blacks 9th Escrow. (es-kroh), n. (16c) 1. A legal document or property delivered by a promisor to a third party to be held by the third party for a given amount of time or until the occurrence of a condition, at which time the third party is to hand over the document or property to the promisee <the agent received the escrow two weeks before the closing date>. [Cases: Deposits and Escrows 11-26.] 2. An account held in trust or as security <the earnest money is in escrow>. - Also termed escrow account; impound account; reserve account. See escrow account under ACCOUNT. [Cases: Deposits and Escrows 11.] 3. The holder of such a document, property, or deposit <the attorney performed the function of escrow>. Also termed escrow agent. [Cases: Deposits and Escrows 13.] 4. The general arrangement under which a legal document or property is delivered to a third person until the occurrence of a condition <creating an escrow>. escrow, vb.
'Like 'scroll' and 'scrawl: the word 'escrow' is derived from the NormanFrench word for a writing or a written instrument. It has come in practice to refer to a security device: one or both parties to a transaction deposit property or an instrument with a third party until some condition has occurred. The property or instrument may be referred to as 'the escrow'; the delivery is said to be 'in escrow.'" Restatement (Second) of Contracts 103 cmt. a (1979).

Escrow Account. See ACCOUNT. Escrow Agent. See AGENT (2). Escrow Agreement. (1882) the instructions given to the third-party depositary of an escrow. [Cases: Deposits and Escrows 15.] Escrow Contract. See CONTRACT. Escrow Deposit. See escrow account under ACCOUNT.

Escrowee. See escrow agent under AGENT (2). Escrow Holder. See escrow agent under AGENT (2). Escrow Officer. See escrow agent under AGENT (2). Escrow Account. 1. A bank account, generally held in the name of the depositor and an escrow agent, that is returnable to the depositor or paid to a third person on the fulfillment of specified conditions. Also termed escrow deposit. See ESCROW (2). [Cases: Deposits and Escrows 11-26.] 2. See impound account. Impound Account. An account of accumulated funds held by a lender for payment of taxes, insurance, or other periodic debts against real property. - Also termed escrow; escrow account; reserve account. See ESCROW (2). Reserve Account. See impound account.