Delaware Code Title 6 Sec. 2806 – Escrow
All purchase money received from or on behalf of a purchaser in connection with the execution of a contract shall be deposited and held in this State in an escrow account designated solely for that purpose, which may be the operator‘s own escrow account or that of the operator’s attorney, until the time for cancellation has expired as provided for in § 2804 of this title, unless a later time is provided in the contract. If the contract has not been canceled, any purchase money received from a purchaser may be released to the operator upon:
(1) The conveying to the purchaser of the right or license to use the campground resort and facilities as required in the contract; or
(2) The forfeiture of the purchase money by the purchaser under the terms of the contract.
Terms Used In Delaware Code Title 6 Sec. 2806
- Campground resort: means any tract or parcel of real property within the State on which there are at least 10 camping sites. See Delaware Code Title 6 Sec. 2802
- Contract: A legal written agreement that becomes binding when signed.
- Contract: means any written agreement of more than 1 year's duration, executed in whole or in part within the State, which grants to a purchaser a nonexclusive right or license to use the campground resort of a membership camping resort operator or any portion thereof on a first come, first serve or reservation basis together with other purchasers. See Delaware Code Title 6 Sec. 2802
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Operator: means any person who is in the business of soliciting, offering, advertising or executing membership camping resort contracts. See Delaware Code Title 6 Sec. 2802
- Purchase money: means any money, currency, note, security or other consideration paid by the purchaser for a membership camping agreement. See Delaware Code Title 6 Sec. 2802
- Purchaser: means any person who enters into a contract with an operator as defined herein. See Delaware Code Title 6 Sec. 2802
- State: means the District of Columbia or the Commonwealth of Puerto Rico or any state, territory, possession, or other jurisdiction of the United States other than the State of Delaware. See Delaware Code Title 6 Sec. 17-101