§ 782 — Alternative to posting bond

§ 782. Alternative to posting bond. In lieu of posting a bond as\nprovided in this article, the vendor shall place the deposit or deposits\npaid to him by the vendee in an interest bearing escrow account with a\nbank as defined in the banking law within five business days after\nreceipt of such deposit or deposits. Such deposit or deposits together\nwith interest accumulated thereon shall remain the property of the\nvendee, except as otherwise provided herein.\n