Tennessee § 66-27-506 Escrow of deposits

Tennessee Statutes

§ 66-27-506 — Escrow of deposits

Tennessee § 66-27-506

Title66

This text of Tennessee § 66-27-506 (Escrow of deposits) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 66-27-506 (2026).

Text

Any deposit made in connection with the purchase or reservation of a unit from a declarant shall be placed in escrow and held in this state in an account designated solely for that purpose by a licensed title insurance company or agent of the licensed title insurance company, an attorney, a licensed real estate broker, or an independent bonded escrow company, and shall be deposited in an institution whose accounts are insured by a governmental agency or instrumentality, or any other lawful escrow or trust account, until:

(1)Delivered to the declarant at closing;

(2)Delivered to the declarant because of purchaser's default under a contract to purchase the unit;

(3)Refunded to the purchaser;

(4)Interpleaded into a court of appropriate jurisdiction; or (5) Disbursed pursuant to a final or

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Any deposit made in connection with the purchase or reservation of a unit from a declarant shall be placed in escrow and held in this state in an account designated solely for that purpose by a licensed title insurance company or agent of the licensed title insurance company, an attorney, a licensed real estate broker, or an independent bonded escrow company, and shall be deposited in an institution whose accounts are insured by a governmental agency or instrumentality, or any other lawful escrow or trust account, until: (1) Delivered to the declarant at closing; (2) Delivered to the declarant because of purchaser's default under a contract to purchase the unit; (3) Refunded to the purchaser; (4) Interpleaded into a court of appropriate jurisdiction; or (5) Disbursed pursuant to a final order of a court of appropriate jurisdiction.