escrow

[n. es-kroh, ih-skroh; v. ih-skroh, es-kroh] /n. ˈɛs kroʊ, ɪˈskroʊ; v. ɪˈskroʊ, ˈɛs kroʊ/

noun

a contract, deed, bond, or other written agreement deposited with a third person, by whom it is to be delivered to the grantee or promisee on the fulfillment of some condition.

verb (used with object)

to place in escrow:

The home seller agrees to escrow the sum of $1000 with his attorney.

Idioms

in escrow, in the keeping of a third person for delivery to a given party upon the fulfillment of some condition.

Origin

1590-1600; < Anglo-French escro(u)we, Old French escro(u)e. See scroll

Examples from the web for escrow

The two sides eventually agreed to establish an escrow account that could be used to repay investors if the case was settled.
They urged university donors to place their gifts in escrow until the perceived bias could be corrected.
But the two sides have not bridged the gap on the escrow cutoff.
The board might approve the purchase if the writer deposited money in an escrow account to protect the building.
It insisted that the pipeline revenues be paid into an offshore escrow account.
Best way to individualize risk penalties is to mandate driver's escrow account for damages to other cars, drivers etc.
Borrowers will also be required to establish an escrow account for real-estate taxes.
One potential remedy: put bonuses into a pool held in escrow for several years.
It will require that borrowers have escrow accounts to pay taxes and insurance.
Otherwise, they are betting the escrow funding will ensure a more certain closing though this may be two months away.

British Dictionary definitions for escrow

escrow

/ˈɛskrəʊ; ɛˈskrəʊ/

noun

money, goods, or a written document, such as a contract bond, delivered to a third party and held by him pending fulfilment of some condition

the state or condition of being an escrow (esp in the phrase in escrow)

verb (transitive)

to place (money, a document, etc) in escrow

Word Origin

C16: from Old French escroe, of Germanic origin; see screed, shred, scroll

Word Origin and History for escrow

1590s, from Anglo-French escrowe, from Old French escroue "scrap, roll of parchment," from a Germanic source akin to Old High German scrot "a scrap, shred, a piece cut off" (see shred (n.)). Originally "a deed delivered to a third person until a future condition is satisfied;" sense of "deposit held in trust or security" is from 1888.

escrow in Culture

escrow [(es-kroh)]

The condition of being ineffective until certain conditions are met. For example, money inherited by a minor might be held in escrow until the heir reaches a certain age. Homeowners with mortgages frequently pay money for insurance and taxes on their home into an escrow account each month. The holder of the mortgage then pays the insurance and tax bills out of the escrow account when the bills are due.

escrow in Technology

security
An arrangement where something (generally money or documents) is held in trust ("in escrow") by a trusted third party until certain agreed conditions are met. In computing the term is used for key escrow and also for source code escrow.
(1999-12-14)