escrow

A written instrument which by its terms imports a legal obligation and which is deposited by the grantor, promisor, or obligor, or his agent, with a stranger or third party to be kept by the depository until the performance of a condition or the happening of a certain event, and to be delivered over to the grantee, promisee, or obligee. 28 Am J2d Escr § 1. In its origin, the doctrine of escrow applied only to deeds of grant or conveyances of land, but it was soon extended to other sealed instruments and has come to apply to a variety of instruments, including bonds, contracts for the sale of land, contracts for the purchase of personal property, corporate stocks, deeds, discontinuances and releases of cause of action, contracts for the settlement of will contests, commercial paper, applications for insurance, and subscription papers. 28 Am J2d Escr § 2. See delivery as an escrow.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

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