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Section 17003 Of Chapter 1. Application Of This Division From California Financial Code >> Division 6. >> Chapter 1.
17003
. (a) "Escrow" means any transaction in which one person, for
the purpose of effecting the sale, transfer, encumbering, or leasing
of real or personal property to another person, delivers any written
instrument, money, evidence of title to real or personal property, or
other thing of value to a third person to be held by that third
person until the happening of a specified event or the performance of
a prescribed condition, when it is then to be delivered by that
third person to a grantee, grantor, promisee, promisor, obligee,
obligor, bailee, bailor, or any agent or employee of any of the
latter.
(b) With regard to Internet escrow companies, "escrow" also includes any transaction in which one person, for the purpose of effecting the sale or transfer of personal property or services to another person, delivers money, or its Internet-authorized equivalent, to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by that third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter.
(b) With regard to Internet escrow companies, "escrow" also includes any transaction in which one person, for the purpose of effecting the sale or transfer of personal property or services to another person, delivers money, or its Internet-authorized equivalent, to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by that third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter.
