6-801

6-801. Definitions

In this chapter, unless the context otherwise requires:

1. "Account servicing" means the holding of documents or written instruments and
the receipt and disbursement of payments according to the instructions of the parties to
the documents or written instruments.

2. "Affiliate" means an entity that directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with the entity
specified.

3. "Control" means ownership or the power to vote, either directly or indirectly,
more than twenty per cent of the outstanding voting shares of the controlled person.

4. "Escrow" means any transaction in which any escrow property is delivered with or
without transfer of legal or equitable title, or both, and irrespective of whether a
debtor-creditor relationship is created, to a person not otherwise having any right,
title or interest therein in connection with the sale, transfer, encumbrance or lease of
real or personal property, to be delivered or redelivered by that person upon the
contingent happening or nonhappening of a specified event or performance or
nonperformance of a prescribed act, when it is then to be delivered by such person to a
grantee, grantor, promisee, promisor, obligee, obligor, bailee or bailor, or any
designated agent or employee of any of them. Escrow includes subdivision trusts and
account servicing.

5. "Escrow agent" means any person engaged in the business of accepting escrows.

6. "Escrow business" means a commercial activity characterized by the regular and
continuous carrying on of escrow transactions.

7. "Escrow property" means property, money, a written instrument or evidence of
title or possession to real or personal property or any other thing of value.

8. "License" means a license issued pursuant to this chapter.

9. "Licensee" means a person licensed pursuant to this chapter.

10. "Subdivision trust" means an agreement in which title to real property or an
interest therein is held for the limited purpose of holding, subdividing, developing or
selling real property or an interest therein, or to facilitate any business transaction
with respect thereto and under which agreement the trustee acts pursuant to direction of
its beneficiaries, and without discretionary powers, with respect to the holding,
subdivision, development or sale of real estate or an interest therein or the disposition
of the proceeds therefrom. Subdivision trusts are, for the purpose of regulation under
this chapter, escrows, except that this paragraph shall not be construed to limit the
obligation or liability of trustees of subdivision trusts under common law or otherwise.