California Business and Professions Code 24074.2 – Any person desiring to act as an escrow holder under Section 24074 …
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Any person desiring to act as an escrow holder under Section 24074 shall not release any funds in the escrow in exchange for a promissory note or in exchange for any other consideration of less value to the creditors than the funds exchanged.
(Added by Stats. 1967, Ch. 1494.)
Terms Used In California Business and Professions Code 24074.2
- Escrow: Money given to a third party to be held for payment until certain conditions are met.