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.
Your mortgage lender has the legal right to set up and administrate an escrow account to satisfy your mortgage debts. Your mortgage-related escrow account can also be used to satisfy your annual or semi-annual property-tax obligations. In order to utilize this tool, you'll make periodic deposits into this account.