The revocation, suspension, surrender or expiration of an escrow agent’s license does not impair or affect pre-existing escrows lawfully contracted, but nothing contained in this division shall be deemed to authorize the acceptance of further funds or documents into escrow subsequent to such revocation, surrender or expiration or during any period of suspension.
(Amended by Stats. 1955, Ch. 261.)
Terms Used In California Financial Code 17609
- Escrow: Money given to a third party to be held for payment until certain conditions are met.