North Carolina General Statutes 143-143.50. Escrow or trust account required
Terms Used In North Carolina General Statutes 143-143.50
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(a) Dealers shall maintain buyers’ deposits in an escrow or trust account with a bank. A dealer shall not commingle any other funds with buyers’ deposits in the escrow or trust account.
(b) Dealers shall notify the Board in writing when the escrow or trust account is established. The notification shall include the name and number of the account and the name and location of the bank holding the account.
(c) All buyer funds shall be placed in the escrow or trust account no later than the close of the third banking business day after receipt.
(d) Dealers shall provide buyers with a receipt for all buyer deposits received by the dealer. The receipt shall include the amount of the buyer deposit, the date the deposit was provided to the dealer, and the name and address of the bank where the buyer’s funds will be deposited. (2005-451, s. 6.)