Escrow Trustee (Agent)

The custodian of funds held in the Escrow Fund in a Refunding transaction and responsible for holding and managing the Escrow Fund, including any investments in the Escrow Fund, up to and including the date when the Refunded Bonds Mature or Redeemed, whichever is earlier.

Life’s a Party

Learn more about the various parties involved in a municipal securities transaction and their roles.

See Also

Escrow Fund

Trust account established in the escrow deposit agreement that holds cash, investments, usually obligations of the federal government or, sometimes, federal agencies, or both, all of which are pledged to the payment of the debt service of the refunded bonds.


A transaction in which refunding bonds are issued and their proceeds are used to pay off outstanding bonds.

Hudson Yards Rail Yards

Start with the Bond Basics

Blue Sky Laws

State securities laws, which regulate the offering of securities. Although these laws vary from state to state, most contain provisions concerning (a) prohibitions against fraud; (b) regulation of brokers and dealers doing business in the state; and (c) registration of Securities.