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escrow account

noun

Definitions of escrow account

  • an arrangement with a bank in which money is put into the bank by a party and paid to another party if a condition of the arrangement is met or, if the condition is not met, the money is returned to the person who originally deposited the money with the bank

    "The company will put $3.75 million into an escrow account to pay out settlements to class members."

Phrase Bank for escrow account

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