2005 Minnesota Statutes - 515A.4-108 — Escrow of deposits.

     515A.4-108 Escrow of deposits.  


    Any earnest money paid in connection with the purchase or 
 reservation of a unit from a declarant shall be escrowed and 
 held in this state in an account, savings deposit or certificate 
 of deposit designated solely for that purpose in an institution 
 whose accounts are insured by a governmental agency or 
 instrumentality until (1) delivered to the declarant at closing; 
 (2) delivered to the declarant because of purchaser's default 
 under the purchase agreement or reservation; or (3) delivered to 
 the purchaser. 


    HIST: 1980 c 582 art 4 s 515.4-108