One-fifth of the escrowed
funds were to be delivered to the sellers annually; if at any time during the escrow period, they engaged in a competing business, they would forfeit all.
For example, a buyer pays the taxpayer $5,000 as earnest money and later deposits all remaining sales proceeds in a qualified escrow; the taxpayer will recognize $5,000 of boot, but will not be in constructive receipt of the escrowed
As a result, ESNY's Voss said, "escrow service clients have clear, fully insured protection at little or no cost and the client's attorney is out of the thankless business of record-keeping and worrying about escrowed
The series 1999B bonds have been escrowed
will hold escrowed
funds and securities in a segregated irrevocable trust fund pledged to the refunded bondholders.
All other 2003A bonds will be escrowed
verified the mathematical accuracy of debt service computations on the refunded bonds and income from the escrowed
funds and securities, contained in schedules provided to them by the State of Florida.
as escrow agent, will hold escrowed
funds and securities in a separate irrevocable trust fund (Escrow Fund) for the benefit of refunded bondholders.