Amicorp Bank and Trust can act as your escrow agent. When using an escrow agreement, we hold the funds and/or documents on behalf of transacting parties. For example, a buyer and a seller provide information to ABT regarding a transaction between the buyer and the seller. ABT prepares an escrow agreement and opens a dedicated escrow account. The buyer can use this escrow account to deposit funds and/or documents (e.g., securities) while waiting for the seller to deliver all agreed elements according to their transaction documents. ABT only releases the funds and/or documents from escrow once the release conditions, described in the escrow agreement, have been met.
- It is easy to set-up an escrow agreement with tailor-made release conditions;
- The seller is sure that the buyer has made the money and/or documents available to ABT;
- The buyer can be sure that the money and/or documents will only be released as agreed in the escrow agreement.