escrow

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escrow

(security)
An arrangement where something (generally money or documents) is held in trust ("in escrow") by a trusted third party until certain agreed conditions are met. In computing the term is used for key escrow and also for source code escrow.

escrow

A legal device used in a construction contract whereby something of value is placed with a third party, acting as a trustee, to guarantee that conditions of the contract will be met.
References in periodicals archive ?
79-91,(8) the IRS later restated its position on substantial restrictions contained in escrow agreements.
It may also be the case that all the sales proceeds of the relinquished property have been expended on replacement property, but that interest earned on funds remains in escrow and may be used to fund the acquisition of additional identified property.
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.