778 – Definitions.

§ 778. Definitions. When used in this article, the following terms, unless the context requires otherwise, shall have the following meanings: 1. “Bank” means a bank, trust company, savings bank, or state or federal savings and loan association which is located within this state. 2. “Contract” means a written agreement between a seller and buyer […]

778-A – Contracts Requiring Down Payments in Escrow.

§ 778-a. Contracts requiring down payments in escrow. 1. An escrow agent who undertakes to hold a buyer’s down payment in the purchase and sale of a home shall have the fiduciary obligation to segregate and safeguard the buyer’s down payment in a special bank account, and shall not commingle such down payment with the […]