escrow

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Related to Escrow account: Escrow Agreement

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 ?
The Federal Reserve suggests that banks establish periodic reviews of escrow accounts, develop training for escrow account staff, update and review applications that calculate escrow to ensure they are correct, and create internal compliance reviews and audits of escrow accounts.
The DMAs new responsibilities include implementing the law, issuing licences, controlling escrow accounts and cancelling real estate projects.
the developer is required to submit a statement of the Escrow Account.
Fox, one of Direct Air's lawyers in the bankruptcy case, told the judge that Avondale Ventures has uncovered "irregularities" in the handling of the escrow account.
We are pretty convinced that there there will be no cash release from the escrow account in the medium-term, if ever, and that is the major point of difference on the valuation," he said.
The partnership had unrestricted use of the receipts--the partners only disputed the division of the money, If the partnership had placed the receipts in an escrow account as the result of a dispute with a third party, under the claim of right doctrine the receipts would not be included in its income until the matter was settled and the partners would need to report income only if the dispute was settled in its favor.
The court held, inter alia, that the payment of the settlement proceeds into the plaintiff's attorneys' escrow account was not payment to the plaintiff.
Nothing in any provision of law shall be construed as providing that an escrow account, settlement fund, or similar fund is not subject to current income tax.
7 bn in Lockerbie compensation to a Swiss escrow account.
The decree stems from a class-action suit accusing the Chicago-based title company of siphoning off interest in escrow accounts instead of giving it to the escrow account owners.
A recent policy change by the Division of Housing and Community Renewal requires owners to deposit rent overcharge awards in a state-held escrow account if the tenant disappears.
Whether you're purchasing land, an airplane, a car or a piece of heavy equipment, an escrow account is an excellent way to handle the money transaction.