Mississippi § 35-7-31 - Escrow agreements.
Full text of Mississippi Mississippi Code of 1972 Annotated § 35-7-31 — Escrow agreements., with citation guidance and answers to common questions.
§ 35-7-31. Escrow agreements.
The board is authorized to enter into escrow agreements with the purchaser for the payment of anticipated taxes and hazard insurance premiums, or for the payment of life insurance premiums in cases where the board requires a life insurance policy to cover the unpaid balance of the indebtedness. All funds collected as escrow items for the benefit of the veteran as insurance premiums, taxes, appraisal fees, and other funds belonging to the veteran, and not the state revolving fund, shall be maintained and accounted for separately from the special revolving fund, although the receipt of such funds may be commingled with installment payments or other payments to the board. The board shall establish separate accounts and trusteeships for this purpose exclusive of requirements that agencies of the state commingle funds into one (1) state treasury account. Interest earned on such deposits shall accrue to the state revolving fund of the board, and shall be paid to the revolving fund annually.
Frequently Asked Questions About Mississippi § 35-7-31
What does Mississippi Code of 1972 Annotated § 35-7-31 cover?
Section 35-7-31 ("Escrow agreements.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 35-7-31?
A common citation format is "Mississippi Code of 1972 Annotated § 35-7-31" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 35-7-31 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.