§ 47C-4-110. Escrow of deposits. - North Carolina Statutes

§ 47C‑4‑110. Escrow of deposits.

(a)        Any deposit made in connection with the purchase orreservation of a unit from a person required to deliver a public offeringstatement pursuant to G.S. 47C‑4‑102(c) shall be immediatelydeposited in a trust or escrow account in an insured bank or savings and loanassociation in North Carolina and shall remain in such account for such periodof time as a purchaser is entitled to cancel pursuant to G.S. 47C‑4‑108or cancellation by the purchaser thereunder whichever occurs first. Paymentsheld in such trust or escrow accounts shall be deemed to belong to thepurchaser and not the seller.

(b)        Except as provided in G.S. 47C‑4‑108, nothing insubsection (a) is intended to preclude the parties to a contract from providingfor the use of progress payments by the declarant during construction. (1985 (Reg. Sess., 1986), c. 877, s. 1.)