Meaning of “escrow” in the English Dictionary

business-english dictionary

"escrow" in Business English

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escrownoun [ U ]

uk /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” from the Cambridge Business English Dictionary © Cambridge University Press)