Peculiarities of the escrow agent’s legal status under common law of the USA
The article examines the peculiarities of the escrow agent’s legal status under common law of the USA. The starting point for determining the escrow agent’s status is the concept of the agency. The agency of the escrow agent as an agent is very limited it is carried out exclusively within the framework of the signed escrow instructions, and the escrow agent is a double agent, having an obligation to all principals. It is concluded that the escrow agent has a unique dynamic status (changing during escrow) he is an agent, trustee and fiduciary of the parties to the escrow agreement.