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Define Escrow Account

escrow account. A special account opened with a bank or other financial institution to hold funds in trust until some condition is met by the person or company for whom the funds are designated; for example, until a service has been rendered or a legal dispute settled. Example: Tenants on a rent strike to protest inadequate heat or maintenance would open an escrow account to hold their rent payments until their grievance with the landlord was settled. By paying into the escrow account, the tenants would be legally protected from eviction for nonpayment of rent.

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