|An escrow account is an account held by a third party on behalf of the beneficial owner of the money in the account. Such accounts are Excluded Accounts where they are established in connection with any of the following
a. A court order, judgement or other legal matter on which the third party is acting on behalf of the underlying beneficial owner for example, an account held by an individual or an entity appointed by the Court of Protection to look after the affairs of a vulnerable person.
b. A sale, exchange, or lease of real or personal property where it also meets the following conditions:
c. An obligation of a financial institution servicing a loan secured by real property to set aside a portion of a payment solely to facilitate the payment of taxes or insurance related to the real property at a later time.
d. An obligation of a financial institution solely to facilitate the payment of taxes at a later time. Accounts provided by a non-financial intermediary acting in that capacity (such as non-legal escrow-type accounts) that meet the conditions above will also be Excluded Accounts. Periodic payment orders in connection with an escrow account are not considered to be reportable Annuity Contracts.