ESCROW, a written agreement entered into by three parties, the obligor, the obligee, and the depositary, for the transfer or Conveyance of certain property. The sealed agreement of the obligor (generally accompanied by the deed, bond or chattel to be conveyed) made contingent upon some future happening, or upon the performance of some act by the obligee, is delivered to the depositary and held by him pending the occurrence of that event or the performance of the required act by the obligee. When the event has taken place or the obligee has performed the specified act, the depositary delivers to him the agreement and the deposit which he has held, and the transaction is complete. The depositary or custodian is allowed no discretion but must follow strictly the terms of the agreement as it concerns the other two parties.