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.

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

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Term of the Week

Securities Act of 1933

Law designed to ensure that investors are provided with material information about new issues of securities offered for sale to the public.