Chapter 41. Deposits on Construction of New Homes

§ 41-3. Escrow account.

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In lieu of posting a bond as provided in § 41-2, the vendor shall place the deposit or deposits paid to him by the vendee in an interest-bearing escrow account with a bank as defined in the New York State Banking Law within five business days after receipt of such deposit or deposits. Such deposit or deposits, together with interest accumulated thereon, shall remain the property of the vendee, except as otherwise provided herein.

                    
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