Term of the Day
For Tuesday, December 15, 2009
escrowDefinition
Arrangement under which a deed, money, security, or other property or document is held by a neutral third-party (called an escrow agent) in trust for a first-party (called grantor, obligor, or promisor) for a specified period or until the occurrence of a condition or event. The escrow agent is duty bound to deliver the asset or document in his or her possession to a named second-party (called grantee, obligee, or promisee) upon the fulfillment of the condition(s) or the happening of a stated event, as established in the escrow agreement.
escrow is in the Accounting & Auditing, Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
escrow appears in the definitions of the following terms: principal, interest, taxes, and insurance (PITI) and advance refunding.
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