Deed: The legal instrument used to transfer title in real property from one person to another.
Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(a)
holds or receives deposits, savings, or share accounts;
(b)
issues certificates of deposit; or
(c)
provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
Escrow: means an agreement, express or implied, that provides for one or more parties to deliver or entrust money, a certificate of deposit, a security, a negotiable instrument, a deed, or other property or asset to another person to be held, paid, or delivered in accordance with terms and conditions prescribed in the agreement. See Utah Code 7-22-101
Escrow: Money given to a third party to be held for payment until certain conditions are met.
“Escrow” means an agreement, express or implied, that provides for one or more parties to deliver or entrust money, a certificate of deposit, a security, a negotiable instrument, a deed, or other property or asset to another person to be held, paid, or delivered in accordance with terms and conditions prescribed in the agreement.
(b)
“Escrow agent” means a person that provides or offers to provide escrow services to the public.
(c)
“Nationwide database” means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U.S.C. § 5101 for federal licensing of mortgage loan originators.
(2)
This chapter does not apply to:
(a)
a trust company authorized to engage in the trust business in Utah in accordance with Chapter 5, Trust Business;
(b)
a person other than an escrow agent regulated under this chapter that is exempted from the definition of trust business in Subsection 7-5-1(1);
(c)
a depository institution chartered by a state or the federal government that is engaged in business as a depository institution in Utah;
(d)
the Utah Board of Higher Education, the Utah Higher Education Assistance Authority, or the State Treasurer; and
