“Escrow” defined. “Escrow” means any transaction wherein one person, for the purpose of effecting the sale, transfer, encumbering or leasing of real or personal property to another person, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor or any agent or employee of any of them. The term includes the collection of payments and the performance of related services by a third person in connection with a loan secured by a lien on real property.
Last modified: February 27, 2006