Escrow – The term in Banking Law refers to the situation where the performance of something is outstanding and a third party holds onto money or a written document (such as shares or a deed) until a certain condition is met between the two contracting parties. The law in most jurisdictions allows for example an escrow agreements to be signed among 2 parties and a local bank, where the bank will release the money only after performance of strict condition agreed between the parties, respectively when a certain document to prove this condition occurred, is presented to the bank in order to release the money.

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