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This entry was published on 2014-09-22
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Alternative to posting bond
General Business (GBS) CHAPTER 20, ARTICLE 37
§ 782. Alternative to posting bond. 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.