6-801
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6-801. Definitions In this chapter, unless the context otherwise requires: 1. "Account servicing" means the holding of documents or written instruments and the receipt and disbursement of payments according to the instructions of the parties to the documents or written instruments. 2. "Affiliate" means an entity that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the entity specified. 3. "Control" means ownership or the power to vote, either directly or indirectly, more than twenty per cent of the outstanding voting shares of the controlled person. 4. "Escrow" means any transaction in which any escrow property is delivered with or without transfer of legal or equitable title, or both, and irrespective of whether a debtor-creditor relationship is created, to a person not otherwise having any right, title or interest therein in connection with the sale, transfer, encumbrance or lease of real or personal property, to be delivered or redelivered by that person upon the contingent happening or nonhappening of a specified event or performance or nonperformance of a prescribed act, when it is then to be delivered by such person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee or bailor, or any designated agent or employee of any of them. Escrow includes subdivision trusts and account servicing. 5. "Escrow agent" means any person engaged in the business of accepting escrows. 6. "Escrow business" means a commercial activity characterized by the regular and continuous carrying on of escrow transactions. 7. "Escrow property" means property, money, a written instrument or evidence of title or possession to real or personal property or any other thing of value. 8. "License" means a license issued pursuant to this chapter. 9. "Licensee" means a person licensed pursuant to this chapter. 10. "Subdivision trust" means an agreement in which title to real property or an interest therein is held for the limited purpose of holding, subdividing, developing or selling real property or an interest therein, or to facilitate any business transaction with respect thereto and under which agreement the trustee acts pursuant to direction of its beneficiaries, and without discretionary powers, with respect to the holding, subdivision, development or sale of real estate or an interest therein or the disposition of the proceeds therefrom. Subdivision trusts are, for the purpose of regulation under this chapter, escrows, except that this paragraph shall not be construed to limit the obligation or liability of trustees of subdivision trusts under common law or otherwise. |