Section 782. Alternative to posting bond

Latest version.

In lieu of posting a bond as
  provided in this article, 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  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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