§ 66-241. Escrow account. - North Carolina Statutes

§66‑241.  Escrow account.

(a)        All purchase moneyreceived from or on behalf of a purchaser in connection with the execution of amembership camping contract shall be deposited in an escrow account designatedsolely for that purpose, which may be the membership camping operator's ownescrow or trust account or that of his attorney's, until 10 calendar days afterthe date the contract was executed, unless a later time is provided in themembership camping contract. If the membership camping operator has not receivednotice of the purchaser's cancellation within 10 calendar days after theexecution of the contract, any purchase money may be released to the membershipcamping operator upon the conveyance, in writing, to the purchaser of the rightor license to use the campground and facilities as required in the membershipcamping contract.

(b)        A copy of theescrow agreement creating the escrow account shall be filed with the Secretaryof State prior to the sale of membership camping contracts. (1991(Reg. Sess., 1992), c. 1009, s. 4.)