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Concept info from send-a-time-held-escrow added to escrow.md

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Oliver Eggert
2022-12-08 15:04:06 -08:00
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content/concepts/transactions/payments/escrow.md
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A traditional escrow is a contract between two parties to facilitate risky financial transactions. Funds are sent to and held by an impartial third party, guaranteeing its availability. The funds are only released to their intended recipients when conditions specified by the contract are met. This method ensures both parties meet their obligations.
The XRP Ledger takes escrow a step further, replacing the third party with an automated system built into the ledger. An escrow locks up XRP, which can't be used or destroyed until conditions are met. You can specify conditions by:
The XRP Ledger takes escrow a step further, replacing the third party with an automated system built into the ledger. An escrow locks up XRP, which can't be used or destroyed until conditions are met. You can specify XRP to release:
- Time.
- Crypto-condition.
- A combination of both.
- When a certain amount of time passes.
- After meeting cryptographic conditions.
- After a combination of both.
## Escrow Lifecycle

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content/tutorials/use-specialized-payment-types/use-escrows/send-a-time-held-escrow.md
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[Sign and submit](transaction-basics.html#signing-and-submitting-transactions) an [EscrowFinish transaction][] to execute the release of the funds after the `FinishAfter` time has passed. Set the `Owner` field of the transaction to the `Account` address from the EscrowCreate transaction, and the `OfferSequence` to the `Sequence` number from the EscrowCreate transaction. For an escrow held only by time, omit the `Condition` and `Fulfillment` fields.
***TODO: First half of this statement is covered by concept info already. It's also reiterated in escrow.md. The second portion about potential recipients should remain.***
**Tip:** The EscrowFinish transaction is necessary because the XRP Ledger's state can only be modified by transactions. The sender of this transaction may be the recipient of the escrow, the original sender of the escrow, or any other XRP Ledger address.
If the escrow has expired, you can only [cancel the escrow](cancel-an-expired-escrow.html) instead.