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ESCROW
Source:
Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority and you can order
it here)
A written agreement,
e.g., deed, bond, or other paper, entered into among three parties and
deposited for safekeeping with the third party as custodian to be delivered
by the latter only upon the performance or fulfillment of some condition.
The custodian or depository is obliged to follow strictly the terms
of the agreement respecting the other parties.
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