Vermont Statutes Title 8 Sec. 14210
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Terms Used In Vermont Statutes Title 8 Sec. 14210
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
§ 14210. Real estate trust and escrow
(a) In accordance with its schedule for similar remittances, any financial institution in which a pooled real estate trust or escrow account has been established under 26 V.S.A. § 2214(c) shall remit the interest accumulated on the account to the Vermont Housing Finance Agency established under 10 Vt. Stat. Ann. chapter 25 to be used in the Agency’s single family home mortgage programs.
(b) A financial institution may deduct a reasonable remittance fee for transferring funds to the Housing Finance Agency under this section. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)