§36B-4-110. Escrow of deposits.
Any deposit made in connection with the purchase or
reservation of a unit from a person required to deliver a public
offering statement pursuant to section 4-102(c) must be placed in
escrow and held either in this state or in the state where the
unit is located in an account designated solely for that purpose
by an institution whose accounts are insured by a governmental
agency or instrumentality until (i) delivered to the declarant at
closing; (ii) delivered to the declarant because of the
purchaser's default under a contract to purchase the unit; or
(iii) refunded to the purchaser.