§449-16.5 Earnings on funds. In all escrow agreements involving the purchase of real property or appurtenances thereon and in which an escrow depository acts as a fiduciary party holding the funds in escrow, any earnings on such funds during the holding thereof shall accrue to the credit of the purchaser in such transaction unless otherwise instructed in writing by the purchasers and sellers in the escrow. [L 1974, c 95, §2; am L 2001, c 184, §6]
Case Notes
Interest accrues only where funds are in hands of a third party and not where payment is made to the seller. 60 H. 467, 591 P.2d 1060 (1979).
Section: Previous 449-10 449-11 449-12 449-13 449-14 449-15 449-16 449-16.5 449-17 449-18 449-19 449-20 449-20.5 449-21 449-22 NextLast modified: October 27, 2016