Any deposit made in regard to any disposition of a unit, including a nonbinding reservation agreement, shall be held in escrow until either delivered at settlement or returned to the prospective purchaser. Such escrow funds shall be deposited in a separate account for each condominium in a financial institution the accounts of which are insured by a federal or state agency. These deposits shall bear interest at the passbook rate then prevailing in the District of Columbia beginning with the first business day after the date deposited with declarant or declarant's agent. Earned interest shall be credited to the prospective purchaser's deposit. Such escrow funds shall not be subject to attachment by the creditors of either the purchaser or the declarant.
Prior Codifications 1981 Ed., § 45-1869. 1973 Ed., § 5-1269. Legislative History of Laws For legislative history of D.C. Law 1-89, see Historical and Statutory Notes following § 42-1901.01. DC CODE § 42-1904.09 Current through December 11, 2012
(Mar. 29, 1977, D.C. Law 1-89, title IV, § 409, 23 DCR 9532b.)