New Jersey Statutes 45:15-12.7. Agent, custodian may not use interest on escrow funds
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Terms Used In New Jersey Statutes 45:15-12.7
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
44. A real estate broker acting in the capacity of an escrow agent or as the temporary custodian of the funds of others in any real estate transaction shall not receive, obtain or use any interest earned on the funds for the broker’s own personal or business use.
L.1993,c.51,s.44.