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Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

A written agreement, e.g., deed, bond, or other paper, entered into among three parties and deposited for safekeeping with the third party as custodian to be delivered by the latter only upon the performance or fulfillment of some condition.  The custodian or depository is obliged to follow strictly the terms of the agreement respecting the other parties.

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