Hawaii Revised Statutes 449-1.7 – Indicia of escrow depository prohibited
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Terms Used In Hawaii Revised Statutes 449-1.7
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means any transaction affecting the title to real property, including leaseholds, proprietary leaseholds, and condominiums, in which a person not a party to the transaction and neither having nor acquiring any interest in the title receives from one party to the transaction, holds until the happening of an event or performance of a condition and then delivers to another party to the transaction, any money or other consideration or any instrument affecting the title to that real property, all in accordance with the terms of the agreement between the parties to the transaction. See Hawaii Revised Statutes 449-1
- Person: means , in addition to the singular, persons, group of persons, cooperative association, company, firm, partnership, corporation, or other legal entity, and includes the agents and employees of any person. See Hawaii Revised Statutes 449-1
Unless licensed under this chapter to engage in the business of an escrow depository, no person may use the word “escrow” or words of similar import, or translations of those words, as a facetious or fanciful name, or in a manner that might suggest or tend to lead others into believing that the person is an escrow depository.