▪ I. escrow Law.
(ɛˈskrəʊ)
[a. AF. escrowe, escrouwe, OF. escroe, escroue scrap, shred, strip of parchment, scroll (mod.F. écroue entry of a name in a jail register):—med.L. type *scrōda, of Teut. origin: cf. OHG. scrôt scrap, fragment:—OTeut. *skraudo- (whence Eng. shred).]
a. (See quots.)
| 1598 Kitchin Courts Leet (1675) 449 It was delivered as an Escrow upon condition. 1708 Termes de la Ley 306 An Escrow is a Deed delivered to a third person to be the Deed of the party upon a future condition. 1885 Law Times Rep. LI. 663/1 The part signed by the defendant was only an escrow in the hands of her solicitor, and not to take effect until the other part was signed by the plaintiff. |
b. A deposit held in trust or as security; in escrow, phr. used of money, etc., so held. N. Amer.
| 1888 Boston (Mass.) Jrnl. 17 Oct. 1/7, $800,000 is held in escrow to pay off unmatured bonds. 1932 Amer. Mercury May 44/2 Ralston now had in his possession diamonds believed to be worth at least $1,500,000, ample security for the $300,000 which had been placed in escrow, and which he immediately paid over to the prospectors. 1957 Economist 30 Nov. 777/2 About $100 million in fees from the disputed area of Louisiana have been put in escrow pending the court's decision. 1967 Wodehouse Company for Henry i. 27 ‘I am temporarily not in possession of a watch.’ ‘Pawned it?’ ‘It is for the moment in escrow.’ |
▪ II. escrow, v. U.S. Law.
(ɛˈskrəʊ, ˈɛskrəʊ)
[f. escrow n.]
trans. To place in escrow.
| 1961 in Webster. 1975 Business Week 22 Dec. 34/3 The bankers raised the money by escrowing Hughes' 6.5-million shares of TWA common. 1987 Bond Buyer 21 Apr. 22/3 Nearly all prerefunded bonds are escrowed to the call date with U.S. Treasury bonds. |
So escrowed ppl. a.
| 1946 U.S. Veterans' Admin. Guaranty 42 The amount payable on account of such guaranty or insurance shall be reduced ratably by crediting to the indebtedness for such purpose the amount of the escrowed or earmarked funds. 1975 Dun's Rev. Feb. 48/1 Investors..are receiving their interest from the escrowed money. 1985 Globe & Mail (Toronto) 10 Oct. b13/1 (Advt.), Canadian R&D company..wishes to take over existing SRTC Research Liabilities from $10 million upwards and corresponding escrowed funds. |