(1) Funds placed into escrow under ORS 94.873 shall be placed into an escrow account established solely for that purpose with one of the following acting as an escrow agent:
(a) An attorney who is a member of the Oregon State Bar;
(b) An insured institution, as defined in ORS 706.008, that is authorized to accept deposits in this state;
(c) A trust company, as defined in ORS 706.008, that is authorized to transact trust business in this state; or
(d) An escrow agent licensed under ORS 696.505 to 696.590.
(2) In connection with sales of timeshares made outside of this state for the use of timeshare property located within this state, the escrow agent required under ORS 94.871 and 94.873 may be located in and the purchasersí funds, negotiable instruments, purchase money contracts and credit card authorizations may be held by the out-of-state escrow agent, if the law of the state in which the sales are made requires impoundment in that state and the out-of-state escrow agent is approved by the Real Estate Commissioner. [1983 c.530 §37; 1997 c.631 §393]
(Lien Payment)Section: Previous 94.863 94.867 94.869 94.871 94.873 94.876 94.878 94.881 94.885 94.890 94.895 94.900 94.905 94.915 94.920 Next
Last modified: August 7, 2008