Section 19-363 - Escrow account. - Maryland Statutes

§ 19-363. Escrow account.
 

(a)  Use of funds.- The funds in the escrow account shall be used only for the purposes of remedying the hazardous condition. 

(b)  Amount of account.- The amount of the escrow account shall be the estimated cost of correcting the hazardous condition or $5,000 whichever is greater. 

(c)  Establishment.- The escrow account is to be established by the related institution at an authorized financial institution selected by the related institution. 

(d)  Use of current operating funds.- Current operating funds may not be used to establish the escrow account. 
 

[1984, ch. 639.]