delivery in escrow
delivery in escrow. The physical transfer of something to an escrow agent to be held until some condition is met, at which time the agent will release it. • An example of such a delivery is a stock buyer’s transfer of cash to a bank that will give the seller the cash upon receiving the stock certificates. This type of delivery creates immediate conditional rights in the promisee. The device may be used to create an option contract in which the promisee has the option. See ESCROW. [Cases: Deposits and Escrows 14. C.J.S. Depositaries §§ 10, 23; Escrows § 7.]
