§ 34-36.1-4.10 - Escrow of deposits. - Rhode Island Statutes

SECTION 34-36.1-4.10

   § 34-36.1-4.10  Escrow of deposits. –Any deposit made in connection with the purchase or reservation of a unit froma 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 inthe state where the unit is located in an account designated solely for thatpurpose by a licensed title insurance company, an attorney, a licensed realestate broker, an independent bonded escrow company, or any financialinstitution whose deposits are insured until:

   (1) Delivered to the declarant at closing;

   (2) Delivered to the declarant because of purchaser's defaultunder a contract to purchase the unit; or

   (3) Refunded to the purchaser.