Escrow Account - Law Dictionary Search Results
Home Dictionary Name: escrow accountescrow 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 ...
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 to one's credit demand deposit : a bank deposit that can be withdrawn without prior notice general deposit : a deposit of money in a bank that is to the credit of the depositor thereby giving the depositor the right to money and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that is to be returned to the depositor, and that creates a bailment or trust time deposit : a bank deposit that can be withdrawn only after a...
escrow
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 ...
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) ...
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...
principal, interest, taxes, and insurance (piti)
principal, interest, taxes, and insurance (piti) the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner's and mortgage, if applicable) goes into an escrow account to cover the fees when they are due. Source: U.S. Department of Housing and Urban Development ...
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 ...
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 ...
Account or Accompt
Account or Accompt [fr. compte, Fr., computo, Lat.], a registry of debts, credits, and charges, or a detailed statement of a series of receipts (credits) and disbursements (debits) of money-which have taken place between two or more persons. Accounts are either-(1) open, where the balance is not struck, or it is not accepted by all the parties; (2) stated, where it has been expressly or impliedly acknowledged to be correct by all the parties; and (3) settled, where it has been accepted and discharged. Stated and settled accounts may be investigated and reopened by the Court on the ground of fraud or fiduciary relationships. See SURCHARGE and FALSIFY.Companies under the Companies Act, 1929, must keep proper books of account, and present to the company in general meeting not less than 18 months after incorporation and subsequently at least once in every year a profit and loss account and balance sheet, to copies of which shareholders of all companies, except private companies, are entitl...
Account stated
Account stated, An account stated is the admission of a balance due from one party to another, and that balance being due there is a debt; the statement of the account and the admission of the balance implies a promise in law to pay it; see Irving v. Veitch, (1837) 3 M&W 106. The account must have been stated before action brought. An account stated, however, creates only a prima facie liability, which may be rebutted by disputing the debts charged in the account, as, for instance, by proving mistake (among other ordinary defences); Camillo Tank Steamship Co. v. Alexandria Engineering Works, (1921) 38 TLR 134. For statutory power to re-open an account stated, see MONEY LENDERS ACT. By the Infants Relief Act, 1874 (37 & 38 Vict. c. 62), s. 1, an account stated with an infant is void.The expression 'account stated' has more than one meaning. It sometimes means a claim to payment made by one party and admitted by the other to be correct. There is, however, a second kind of account stated ...
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