New York § 685 Escrows and impoundments

New York Statutes

§ 685 — Escrows and impoundments

New York § 685

Law GBSGeneral Business

Art. 33Franchises

This text of New York § 685 (Escrows and impoundments) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. General Business § 685 (2026).

Text

  § 685. Escrows and impoundments. If the department of law finds that\nthe applicant for registration has failed to demonstrate that adequate\nfinancial arrangements have been made to fulfill obligations to provide\nreal estate, improvements, equipment, inventory, training, or other\nitems included in the offering, the department may require the escrow or\nimpoundment of franchise fees and other funds paid by the franchisee or\nsubfranchisor until the obligations are fulfilled, or, at the option of\nthe franchisor, the furnishing of a surety bond as provided by rule of\nthe department of law if it finds that the requirement is necessary and\nappropriate to protect prospective franchisees or subfranchisors.\n

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§ 685. Escrows and impoundments. If the department of law finds that\nthe applicant for registration has failed to demonstrate that adequate\nfinancial arrangements have been made to fulfill obligations to provide\nreal estate, improvements, equipment, inventory, training, or other\nitems included in the offering, the department may require the escrow or\nimpoundment of franchise fees and other funds paid by the franchisee or\nsubfranchisor until the obligations are fulfilled, or, at the option of\nthe franchisor, the furnishing of a surety bond as provided by rule of\nthe department of law if it finds that the requirement is necessary and\nappropriate to protect prospective franchisees or subfranchisors.\n