Sec. 51-81h. Escrow agreement not invalid when attorney-at-law, law firm or agent is escrow holder.
Sec. 51-81h. Escrow agreement not invalid when attorney-at-law, law firm or
agent is escrow holder. (a) For the purposes of this section:
(1) "Escrow agreement" means a written or oral agreement under which money,
documents, instruments or other property is delivered by a party to the agreement or
another person to a third party to be held by such third party for delivery or disbursement
to another party to the agreement or another person upon the occurrence of an event or
condition specified in the agreement.
(2) "Escrow holder" means a third party to whom money, documents, instruments
or other property is delivered for subsequent delivery or disbursement in accordance
with the escrow agreement.
(b) No escrow agreement shall be ineffective, invalid or unenforceable because the
escrow holder is the attorney-at-law, law firm or agent for one or more parties to the
escrow agreement, whether in connection with the matter to which the escrow agreement
is related or otherwise.
(P.A. 00-74, S. 1, 2.)
History: P.A. 00-74 effective May 16, 2000, and applicable to any escrow agreement in existence on or after that date.