jspilman (OP)
Newbie
Offline
Activity: 19
Merit: 0
|
|
June 29, 2013, 03:14:33 AM |
|
Let's take the great state of California, for example...
"Persons or companies performing escrow services over the Internet in California, or performing escrow services over the Internet for consumers in California, are subject to the licensing requirements of the Escrow Law"
With regard to Internet escrow companies, “escrow” also includes any transaction in which one person, for the purpose of effecting the sale or transfer of personal property or services to another person, delivers money, or its Internet-authorized equivalent, to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by that third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter.
I guess the question is, if you are a 3rd party in a multi-signature transaction, has the money been "delivered" and is it being "held" by the third person? Technically no, but probably the state would not agree.
|
|
|
|
|
|
|
Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
Viceroy
|
|
June 29, 2013, 12:10:57 PM Last edit: June 29, 2013, 12:47:00 PM by Viceroy |
|
I'd like to pose an additional question regarding the above post. Doesn't the quoted part explicitly mean that "all of the escrow agents" who are not licensed as escrow agents in California in these forums are in direct violation of California law? http://www.corp.ca.gov/Laws/Escrow_Law/FAQs.asp
|
|
|
|
americandesi
|
|
March 13, 2014, 09:09:48 PM |
|
Let's take the great state of California, for example...
"Persons or companies performing escrow services over the Internet in California, or performing escrow services over the Internet for consumers in California, are subject to the licensing requirements of the Escrow Law"
With regard to Internet escrow companies, “escrow” also includes any transaction in which one person, for the purpose of effecting the sale or transfer of personal property or services to another person, delivers money, or its Internet-authorized equivalent, to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by that third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter.
I guess the question is, if you are a 3rd party in a multi-signature transaction, has the money been "delivered" and is it being "held" by the third person? Technically no, but probably the state would not agree.
Hey mate.. did you get an answer to this.? Am also trying to find if multi-signature falls into escrow category as per state rules.
|
|
|
|
odolvlobo
Legendary
Offline
Activity: 4298
Merit: 3214
|
|
March 14, 2014, 03:27:59 AM |
|
Let's take the great state of California, for example...
"Persons or companies performing escrow services over the Internet in California, or performing escrow services over the Internet for consumers in California, are subject to the licensing requirements of the Escrow Law"
With regard to Internet escrow companies, “escrow” also includes any transaction in which one person, for the purpose of effecting the sale or transfer of personal property or services to another person, delivers money, or its Internet-authorized equivalent, to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by that third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter.
I guess the question is, if you are a 3rd party in a multi-signature transaction, has the money been "delivered" and is it being "held" by the third person? Technically no, but probably the state would not agree.
It seems to me that in a multi-signature transaction, the third person is an arbitrator, not an escrow, unless the third person actually holds something. IANAL.
|
Join an anti-signature campaign: Click ignore on the members of signature campaigns. PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
|
|
|
Nagle
Legendary
Offline
Activity: 1204
Merit: 1000
|
|
March 14, 2014, 06:58:33 AM |
|
With regard to Internet escrow companies, “escrow” also includes any transaction in which one person, for the purpose of effecting the sale or transfer of personal property or services to another person, delivers money, or its Internet-authorized equivalent, to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by that third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter.
Search Google for "Internet escrow fraud" for why California did that.
|
|
|
|
SherdonIke
Newbie
Offline
Activity: 66
Merit: 0
|
|
March 14, 2014, 07:13:06 AM |
|
Google don't have a good answer for this question
|
|
|
|
|