New Hampshire Revised Statutes 402-D:15 – Escrow or Trust Accounts
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I. A public adjuster who receives, accepts, or holds any moneys on behalf of an insured, towards the settlement of a claim for loss or damage, shall deposit the moneys in an interest bearing escrow or trust account in a financial institution which is insured by an agency of the federal government in their home state.
II. All funds held in an escrow or trust account and interest accruing thereon shall be the property of the insured and shall be held pursuant to a written agreement signed by the insured and the public adjuster.
II. All funds held in an escrow or trust account and interest accruing thereon shall be the property of the insured and shall be held pursuant to a written agreement signed by the insured and the public adjuster.
Terms Used In New Hampshire Revised Statutes 402-D:15
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC