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English definition of “escrow”

escrow

noun [U]   /ˈeskrəʊ/ US   /-kroʊ/
LAW, PROPERTY an agreement between two people or organizations in which money or property is kept by a third person or organization until a particular condition is met: The money was placed in escrow. Current rules require homeowners to collect the grants in installments from an escrow account.
(Definition of escrow noun from the Cambridge Business English Dictionary © Cambridge University Press)
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