Delaware § 2806 Escrow

Delaware Statutes

§ 2806 — Escrow

Delaware·Title 6·Ch. 28 CAMPGROUND RESORTS MEMBERSHIP AND VACATION TIME-SHARING PLANS SALES ACT·Subch. Campground Resorts Membership Sales

All purchase money received from or on behalf of a purchaser in connection with the execution of a contract shall be deposited and held in this State in an escrow account designated solely for that purpose, which may be the operator’s own escrow account or that of the operator’s attorney, until the time for cancellation has expired as provided for in § 2804 of this title, unless a later time is provided in the contract. If the contract has not been canceled, any purchase money received from a purchaser may be released to the operator upon:

(1)The conveying to the purchaser of the right or license to use the campground resort and facilities as required in the contract; or

(2)The forfeiture of the purchase money by the purchaser under the terms of the contract.

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All purchase money received from or on behalf of a purchaser in connection with the execution of a contract shall be deposited and held in this State in an escrow account designated solely for that purpose, which may be the operator’s own escrow account or that of the operator’s attorney, until the time for cancellation has expired as provided for in § 2804 of this title, unless a later time is provided in the contract. If the contract has not been canceled, any purchase money received from a purchaser may be released to the operator upon:

(1) The conveying to the purchaser of the right or license to use the campground resort and facilities as required in the contract; or

(2) The forfeiture of the purchase money by the purchaser under the terms of the contract.

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