Washington Code 18.44.011 – Definitions
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The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
Terms Used In Washington Code 18.44.011
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Grantor: The person who establishes a trust and places property into it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Personal property: All property that is not real property.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(1) “Committee” means the escrow advisory committee of the state of Washington created by RCW 18.44.500.
(2) “Controlling person” is any person who owns or controls ten percent or more of the beneficial ownership of any escrow agent, regardless of the form of business organization employed and regardless of whether such interest stands in such person’s true name or in the name of a nominee.
(3) “Department” means the department of financial institutions.
(4) “Designated escrow officer” means any licensed escrow officer designated by a licensed escrow agent and approved by the director as the licensed escrow officer responsible for supervising that agent’s handling of escrow transactions, management of the agent’s trust account, and supervision of all other licensed escrow officers employed by the agent.
(5) “Director” means the director of financial institutions, or his or her duly authorized representative.
(6) “Director of licensing” means the director of the department of licensing, or his or her duly authorized representative.
(7) “Escrow” means any transaction, except the acts of a qualified intermediary in facilitating an exchange under section 1031 of the internal revenue code, wherein any person or persons, for the purpose of effecting and closing the sale, purchase, exchange, transfer, encumbrance, or lease of real or personal property to another person or persons, 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 such third person until the happening of a specified event or the performance of a prescribed condition or conditions, when it is then to be delivered by such third person, in compliance with instructions under which he or she is to act, to a grantee, grantor, promisee, promisor, obligee, obligor, lessee, lessor, bailee, bailor, or any agent or employee thereof. “Escrow” includes the collection and processing of payments and the performance of related services by a third party on seller-financed loans secured by a lien on real or personal property but excludes vessel transfers.
(8) “Escrow agent” means any person engaged in the business of performing for compensation the duties of the third person referred to in subsection (7) of this section.
(9) “Licensed escrow agent” means any sole proprietorship, firm, association, partnership, or corporation holding a license as an escrow agent under the provisions of this chapter.
(10) “Licensed escrow officer” means any natural person handling escrow transactions and licensed as such by the director.
(11) “Person” means a natural person, firm, association, partnership, corporation, limited liability company, or the plural thereof, whether resident, nonresident, citizen, or not.
(12) “Split escrow” means a transaction in which two or more escrow agents act to effect and close an escrow transaction.
[ 2013 c 64 § 1; 2011 1st sp.s. c 21 § 45. Prior: 2010 c 34 § 1; 1999 c 30 § 1; 1995 c 238 § 1; 1985 c 7 § 47; 1979 c 158 § 42; 1977 ex.s. c 156 § 1; 1971 ex.s. c 245 § 1; 1965 c 153 § 1. Formerly RCW 18.44.010.]
NOTES:
Effective date—2011 1st sp.s. c 21: See note following RCW 72.23.025.
Effective date—1995 c 238: “This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect July 1, 1995.” [ 1995 c 238 § 10.]