§ 19-363. Escrow account

Latest version.

(a) Use of funds. -- The funds in the escrow account shall be used only for the purposes of remedying the hazardous condition.

(b) Amount of account. -- The amount of the escrow account shall be the estimated cost of correcting the hazardous condition or $ 5,000 whichever is greater.

(c) Establishment. -- The escrow account is to be established by the related institution at an authorized financial institution selected by the related institution.

(d) Use of current operating funds. -- Current operating funds may not be used to establish the escrow account.

HISTORY: 1984, ch. 639.

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');