New York § 783 - 783Disposition of security
Full text of New York New York Consolidated Laws § 783 — 783Disposition of security, with citation guidance and answers to common questions.
§ 783. 783Disposition of security
§ 783. Disposition of security. 1. Upon transfer of title of the home to the vendee the bond posted pursuant to this article shall be released, and any funds held in escrow pursuant to the provisions of this article, together with interest accumulated thereon shall become the property of the vendor, unless otherwise agreed between the vendor and vendee. 2. Upon default by the vendor, the vendee may demand return of his deposit or deposits from the vendor. If the vendor has placed the deposit or deposits in an escrow account pursuant to the provisions of this article, he shall physically transfer the account to the vendee, or pay the balance of said account to the vendee within fourteen business days after the day on which the demand was made. If the vendor has posted a bond pursuant to the provisions of this article, the vendee may initiate action for payment thereon if his deposit or deposits have not been paid to such vendee by the vendor within fourteen business days after the day in which said demand was made.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 783
What does New York Consolidated Laws § 783 cover?
Section 783 ("783Disposition of security") is part of the New York Consolidated Laws, the codified statutory law of New York. 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 New York § 783?
A common citation format is "New York Consolidated Laws § 783" (New York). 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 New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 783 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York 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 New York.