Escrow - Law Dictionary Search Results
Home Dictionary Name: escrowescrow
escrow [Anglo-French escroue deed delivered on condition, literally, scroll, strip of parchment, from Old French escroe] 1 : an instrument and esp. a deed or money or property held by a third party to be turned over to the grantee and become effective only upon the fulfillment of some condition 2 : a fund or deposit designed to serve as an escrow in escrow : held as an escrow : in trust as an escrow [had $1000 in escrow to pay taxes] compare trust vt : to cause to be held as an escrow : place in escrow ...
Escrow
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 propertyto the promisee, Black's Law Dictionary, 7th Edn., p. 5...
escrow account
escrow account a separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc. Source: U.S. Department of Housing and Urban Development ...
back to back escrow
back to back escrow arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time. Source: U.S. Department of Housing and Urban Development ...
deposit
deposit 1 : to place for safekeeping or as security [may the property with the court] ;esp : to put in a bank account 2 in the civil law of Louisiana : to place (movable property) under a deposit [the depository can not make use of the thing ed "Louisiana Civil Code"] de·pos·i·tor [di-pÄ -zə-tər] n n 1 : the state of being deposited (as in an account) [holding the property on ] compare escrow, trust 2 : something placed for safekeeping: as a : money deposited in a bank esp. to one's credit demand deposit : a bank deposit that can be withdrawn without prior notice general deposit : a deposit of money in a bank that is to the credit of the depositor thereby giving the depositor the right to money and creating a debtor-creditor relationship special deposit : a deposit that is made for a specific purpose, that is to be returned to the depositor, and that creates a bailment or trust time deposit : a bank deposit that can be withdrawn only after a...
Delivery of a Deed
Delivery of a Deed, a requisite to a good deed.The delivery may be effected either by acts or by words, i.e., by doing something and saying nothing, as merely handing it to the grantee or his agent; or by saying something and doing nothing, as 'I deliver this writing as my act and deed,' or language of a similar import; or by doing and saying something. See Shep. Touch. P. 57.Delivery is of two kinds:--(a) Absolute, when the execution perfects the deed, and nothing is left to be done; or(b) Conditional, which is the handing of the writing to some third person to be delivered by him as the act and deed of the grantor, when certain specified conditions shall be performed. Until the conditions are performed the instrument is called an escrow, scrowl, or writing. See ESCROW.A deed takes effect only from delivery; for if the date be false or impossible, the delivery ascertains the time of it, 2 Bl. Com. 307.Deeds take precedence according to the time of their delivery, but their effect may ...
servicer
servicer a business that collects mortgage payments from borrowers and manages the borrower's escrow accounts. Source: U.S. Department of Housing and Urban Development ...
Deed
Deed [fr. d'd, Sax.; ded gaded, Goth.;daed, Dut.], a formal document on paper or parchment duly signed, sealed, and delivered. It is either an indenture (factum inter partes) needing an actual indentation [(English) Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 5], reproduced by the Law of Property Act, 1925, s. 56 (2), made between two or more persons in different interests, or a deed-poll (charta de una parte) made by a single person or by two or more persons having similar interests. By the (English) Law of Property Act, 1925, s. 57, a deed may be described according to the nature of the transaction, e.g., 'this lease,' 'this mortgage,' etc., or as a 'deed' and not habitually by the word 'indenture.'The requisites of a deed are these:-(1) Sufficient parties and a proper subject of assurance.(2) It must be written, engrossed, printed, or lithographed, or partly written or engrossed, and partly printed or lithographed in any character or in any language, on paper, vellum, or parchm...
Escrow
A deed bond or other written engagement delivered to a third person to be held by him till some act is done or some condition is performed and then to be by him delivered to the grantee...
trust account
trust account : an account opened with a trust company (as a bank) under which an inter vivos or testamentary trust is set up (as for the escrow of funds) ...
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