§ 34-36.1-4.10 Escrow of deposits.
Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement pursuant to § 34-36.1-4.02(c) shall be placed in escrow and held either in this state or in the state where the unit is located in an account designated solely for that purpose by a licensed title insurance company, an attorney, a licensed real estate broker, an independent bonded escrow company, or any financial institution whose deposits are insured until:
(1) Delivered to the declarant at closing;
(2) Delivered to the declarant because of purchaser's default under a contract to purchase the unit; or
(3) Refunded to the purchaser.
(P.L. 1982, ch. 329, § 2.)