"An escrow of a billion-plus is only a down payment of the potential costs," said Miller.
The president said that a BP “evergreen” escrow would be set up for claims and will be managed by a third party.
Understand—all money that comes from the mine is held in escrow until this case is decided.
This would have meant forfeiting her marriage settlement and the sum that was in escrow.
It must still remain in escrow as the bond of Harry until the case was decided, and that might mean years.
1590s, from Anglo-French escrowe, from Old French escroue "scrap, roll of parchment," from a Germanic source akin to Old High German scrot "a scrap, shred, a piece cut off" (see shred (n.)). Originally "a deed delivered to a third person until a future condition is satisfied;" sense of "deposit held in trust or security" is from 1888.
The condition of being ineffective until certain conditions are met. For example, money inherited by a minor might be held in escrow until the heir reaches a certain age. Homeowners with mortgages frequently pay money for insurance and taxes on their home into an escrow account each month. The holder of the mortgage then pays the insurance and tax bills out of the escrow account when the bills are due.