Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Escrowee
See ESCROW AGENT.
delivery in escrow
The physical transfer of something to an escrow agent to be held until some condition is met, at which time the agent will release it. 0 An example of such a delivery is a stock buyer's transfer of cash to a bank that will give the seller the cash upon receiving the stock certificates. This type of delivery creates immediate conditional rights in the promisee. The device may be used to create an option contract in which the promisee has the option. See ESCROW.
escrow
n. 1. A legal document or property delivered by a promisor 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 <the agent received the escrow two weeks before the closing date>. 2. An account held in trust or as security <the earnest money is in escrow>. - Also termed escrow account; impound account; reserve account. See escrow account under ACCOUNT. 3. The holder of such a document, property, or deposit <the attorney performed the function of escrow>. - Also termed escrow agent. 4. The general arrangement under which a legal document or property is delivered to a third person until the occurrence of a condition <creating an escrow>. -escrow, ub. "Like 'scroll' and 'scrawl,' the word 'escrow' is derived from the Norman-French word for a writing or a written instrument. It has come in practice to refer to a security device: one or both parties to a transaction deposit property or an instrument with a third party until some condition has occurred. The property or instrument may be referred to as 'the escrow'; the delivery is said to be 'in escrow."' Restatement (Second) of Contracts ยง 103 cmt. a (1981).
escrow account
A bank account, generally held in the name of the depositor and an escrow agent, that is returnable to the depositor or paid to a third person on the fulfillment of specified conditions. - Also termed escrow deposit. See ESCROW. 2. See impound account
escrow agent
The third-party depositary of an escrow; ESCROW (3). - Also termed escrow holder; escrowee.
escrow agreement
The instructions given to the third-party depositary of an escrow. escrow contract See CONTRACT,
escrow contract
The agreement among buyer, seller, and escrow holder, setting forththe rights and responsibilities of each. See ESCROW.
escrow deposit
See escrow account under ACCOUNT.
escrow holder
See ESCROW AGENT
escrowl
n. Hist. 1. An escrow. 2. A scroll.