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.] [Blacks Law 8th]