North Carolina § 143-143 - 50. Escrow or trust account required.
Full text of North Carolina North Carolina General Statutes § 143-143 — 50. Escrow or trust account required., with citation guidance and answers to common questions.
§ 143-143. 50. Escrow or trust account required.
Dealers shall maintain buyers' deposits in an escrow or trust account with a bank. A dealer shall not commingle any other funds with buyers' deposits in the escrow or trust account. Dealers shall notify the Board in writing when the escrow or trust account is established. The notification shall include the name and number of the account and the name and location of the bank holding the account. All buyer funds shall be placed in the escrow or trust account no later than the close of the third banking business day after receipt. Dealers shall provide buyers with a receipt for all buyer deposits received by the dealer. The receipt shall include the amount of the buyer deposit, the date the deposit was provided to the dealer, and the name and address of the bank where the buyer's funds will be deposited. History (2005-451, s. 6.) Editor's Note. - Session Laws 2005-451, s. 7, made this Part effective July 1, 2006.
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 143-143
What does North Carolina General Statutes § 143-143 cover?
Section 143-143 ("50. Escrow or trust account required.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. 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 North Carolina § 143-143?
A common citation format is "North Carolina General Statutes § 143-143" (North Carolina). 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 North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 143-143 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina 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 North Carolina.