Arizona Laws 6-839. Continuing jurisdiction
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If the license of an escrow agent is surrendered, suspended or revoked, the agent nevertheless continues to be subject to the provisions of this chapter and to the duties previously undertaken for so long as it acts as a fiduciary with respect to any escrow business previously undertaken.
Terms Used In Arizona Laws 6-839
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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. See Arizona Laws 6-801
- Fiduciary: A trustee, executor, or administrator.
- License: means a license issued pursuant to this chapter. See Arizona Laws 6-801