Definition of standard. 1 : a conspicuous object (such as a banner) formerly carried at the top of a pole and used to mark a rallying point especially in battle or to serve as an emblem.
Escrow Account Defined in Simple Terms. An escrow account is a deposit account that is created by a third party, usually an escrow agent, to hold in trust valuable assets that are tied to a transaction process on behalf of the transacting parties.
IV. Types of Escrow Accounts A. General escrow accounts: These accounts consist of monies deposited to a file pending satisfaction of the accompanying instructions. These funds belong to the parties to the transaction and are held by the title company subject to the parties' direction. The title company is not entitled to any benefit deriving from the custody of these funds.