Idaho Code 30-901 – Short Title
Current as of: 2023 | Check for updates
|
Other versions
(1) This chapter shall be known and may be cited as the "Idaho Escrow Act."
(2) It is the intent of the legislature that the escrow industry be supervised and regulated by the department of finance in order to protect the citizens of the state and to provide that the business practices of the escrow industry are fair and orderly, with due regard to the ultimate consumers in this important area of property protection.
Terms Used In Idaho Code 30-901
- Act: means the "Idaho Escrow Act" chapter 9, title 30, Idaho Code. See Idaho Code 30-902
- Department: means the Idaho department of finance. See Idaho Code 30-902
- Escrow: means any transaction in which any person, for the purpose of effecting the sale, transfer, encumbrance, or lease of real or personal property to another person, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence of title or thing of value is then to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter, pursuant to written instructions. See Idaho Code 30-902
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Property: includes both real and personal property. See Idaho Code 73-114
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114