To maintain compliance with General Accepted Accounting Principles (GAAP), all third party escrows shall be set up only through or by Salt Lake City Corporation's Department of Finance as these funds are an asset owned by Salt Lake City Corporation. For purposes of this chapter, an escrow is:
A. An arrangement made under contractual provisions between transacting parties, whereby an independent third party receives and disburses money or documents for the transacting parties, with the timing of such disbursements by the third party dependent on the fulfillment of contractually agreed conditions by the transacting parties; or
B. A trust account held in the borrower's name to pay obligations, such as Property Taxes and insurance premiums. (2019 Compilation)