2005 Idaho Code - 30-902 — DEFINITIONS

                                  TITLE  30
                                 CORPORATIONS
                                  CHAPTER 9
                               IDAHO ESCROW ACT
    30-902.  DEFINITIONS. As used in this chapter and in rules promulgated
pursuant to this chapter:
    (1)  "Act" means the "Idaho Escrow Act," chapter 9, title 30, Idaho Code.
    (2)  "Department" means the Idaho department of finance.
    (3)  "Director" means the director of the Idaho department of finance.
    (4)  "Escrow" means any transaction in which any person, for the purpose
of effecting the sale, transfer, encumbrance, or lease of real or personal
property to another person, delivers any written instrument, money, evidence
of title to real or personal property, or other thing of value to a third
person to be held by that third person until the happening of a specified
event or the performance of a prescribed condition, when the instrument,
money, evidence of title or thing of value is then to be delivered by the
third person to a grantee, grantor, promisee, promisor, obligee, obligor,
bailee, bailor, or any agent or employee of any of the latter, pursuant to
written instructions.
    (5)  "Escrow agency" means any person engaged in the business of accepting
or receiving escrows for deposit or delivery by any means, including over the
internet, or by any other electronic means.
    (6)  "Escrow agent" means any person engaged in the business of accepting
or receiving escrows for deposit or delivery on behalf of an escrow agency.
    (7)  "License" means a license issued pursuant to this chapter.
    (8)  "Licensee" means a person holding a valid license as an escrow agency
under this chapter.
    (9)  "Person" means an individual, cooperative, association, company,
firm, partnership, corporation, limited liability company, or other legal
entity, or the plural thereof, whether or not resident, nonresident or
citizen.