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What law governs the payment of escrow funds to the proper party?
The underlying agreement between parties governs the payment of escrow funds to the proper party. The essential elements of an escrow are the irrevocable deposit of money or documents with a third person, and a valid and enforceable contract that calls for the delivery of that money or those documents on the occurrence of some condition (for example, the exchange of deed for money).
Copyright © 2009 Sandy Gadow. This article may not be resold, reprinted, resyndicated or redistributed without the written permission from Escrow Publishing Company.
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