Search Results for: ESCROW

depositary

depositary. 1. A person or institution that one leaves money or valuables with for safekeeping (a title-insurance officer is the depositary of the funds). • When a depositary is a company, it is often termed a safe-deposit company. Cf. DEPOSITORY. [Cases: Deposits and Escrows 13. C.J.S. Depositaries §§ 15–17; Escrows§§ 8–10.] 2. A gratuitous bailee.

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earnest money

A deposit paid (often in escrow) by a prospective buyer (esp. of real estate) to show a good-faith intention to complete the transaction, and ordinarily forfeited if the buyer defaults. • Although earnest money has traditionally been a nominal sum (such as a nickel or a dollar) used in the sale of goods, it is

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son of sam law

Son-of-Sam law. A state statute that prohibits a convicted criminal from profiting by selling his or her story rights to a publisher or filmmaker. • State law usu. authorizes prosecutors to seize royalties from a convicted criminal and to place the money in an escrow account for the crime victim’s benefit. This type of law

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