Terms Used In Florida Regulations > Chapter 61J2-14 - Funds Entrusted to Brokers - Deposits and Escrows

• Contract: A legal written agreement that becomes binding when signed.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Personal property: All property that is not real property.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}