Escrow - Definition - Law Dictionary Home Dictionary Definition escrow

Definition :

Escrow, a writing under seal delivered to a third person, to be delivered by him to the person whom it purports to benefit upon some condition. Upon the performance of the condition it becomes an absolute deed; but if the condition be not performed, it never becomes a deed. It is not delivered as a deed, but as an escrow, i.e., a scrowl, or writing which his not to take effect as a deed till the condition be performed, Co. Litt. 36 a; Shep. Touch. P. 58; London Property Co. v. Suffield, (1897) 2 Ch 608. Subject to agreement or instructions, an escrow, if released as operative, takes effect from date of the original execution and delivery, Graham v. Graham, (1791) 1 Ves Jun 274. See DELIVERY OF DEED.

A legal document or property delivered by a provision 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, Black's Law Dictionary, 7th Edn., p. 565.