North Carolina § 47C-4-110 - Escrow of deposits.
Full text of North Carolina North Carolina General Statutes § 47C-4-110 — Escrow of deposits., with citation guidance and answers to common questions.
§ 47C-4-110. Escrow of deposits.
Any deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement pursuant to G.S. 47C-4-102(c) shall be immediately deposited in a trust or escrow account in a federally insured depository institution or a trust institution authorized to do business in this State and shall remain in the account for such period of time as a purchaser is entitled to cancel pursuant to G.S. 47C-4-108 or cancellation by the purchaser thereunder whichever occurs first. Payments held in such trust or escrow accounts shall be deemed to belong to the purchaser and not the seller. Except as provided in G.S. 47C-4-108, nothing in subsection (a) is intended to preclude the parties to a contract from providing for the use of progress payments by the declarant during construction. History (1985 (Reg. Sess., 1986), c. 877, s. 1; 2015-93, s. 1; 2017-25, s. 2(c).)
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 47C-4-110
What does North Carolina General Statutes § 47C-4-110 cover?
Section 47C-4-110 ("Escrow of deposits.") 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 § 47C-4-110?
A common citation format is "North Carolina General Statutes § 47C-4-110" (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 § 47C-4-110 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.