Escrow Account

Definition of Escrow Account

A bank account generally held in the name of the depositor and an escrow agent which is returnable to depositor or paid to third person on the fulfillment of escrow condition; e.g. funds for payment of real estate taxes are commonly paid into escrow account of bank-mortgagor by mortgagee.

That's the definition of Escrow Account in Black's Law Dictionary 6th Edition. Courtesy of