A transaction executed by a deed does not become effective until it is delivered; and where its effectiveness is made subject to fulfilment of certain condition, the effectiveness will remain in abeyance until the condition is fulfilled, See: Beesly V Hallwood Estates Ltd. (1961) Ch. 105. It is a mere escrow.
— Wali, JSC. A.S.H.D.C. v Emekwue (1996) – SC. 282/1989
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What is an Escrow? In the book authority of Norton Upon Deeds, 1st Edition, page 15, Escrow is defined as follows:- “…an instrument be delivered to take effect on the happening of a specified event, or upon condition that it is not to be operative until some condition is performed, then pending the happening of the event or the performance of the condition, the instrument is called an Escrow ….. until the specified time has arrived or the condition has been performed the instrument is not a deed. It is a mere escrow.” The cases of Beesly v. Hallwood Estates Ltd. (1961) I Ch. 105 at 116; Xcnos v. Wickham (1867) L.R. 2 (H.L) 296 at 322; (1969) 1 All NLR 287 and Vincent v. Preno Enterprises Ltd (supra) are/were referred to.
– Ogbuagu, JSC. Brossette v. Ilemobola (2007)
Anambra State Housing Development Corporation v. Emekwue (1996) 1 SCNJ 98 at 132-133; (1996) 1 NWLR (Pt. 426) 505 where this court held as follows:- “Being a mere escrow, therefore, the Deed of Lease passed no interest in the property to the defendant. It follows therefore that whatever view one takes of exhibit they did not pass any interest in the property here concerned to the defendant and he consequently acquired no legal title to the property.”
An ESCROW ACCOUNT is defined in Blacks Law Dictionary as follows: “A Bank Account generally held in the name of the Depositor and an escrow agent which is returnable to depositor or paid to third person on the fulfillment of escrow condition.”
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