Section 35-8A-410Escrow of deposits.
Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver an offering statement pursuant to section 35-8A-402(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 or an institution whose accounts are insured by a governmental agency or instrumentality until (i) delivered to the declarant at closing; (ii) delivered to the declarant because of purchaser's default under a contract to purchase the unit; or (iii) refunded to the purchaser. The funds representing such deposit shall be held in an interest bearing account and the interest shall belong to the party entitled to the principal deposit.
(Acts 1990, No. 90-551, p. 858, §4-110.)
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