Washington § 48.06.120 - Escrow of funds.

Full text of Washington Revised Code of Washington § 48.06.120 — Escrow of funds., with citation guidance and answers to common questions.

§ 48.06.120. Escrow of funds.

(1) All funds received pursuant to a solicitation permit shall be deposited and held in escrow in a bank or trust company under an agreement approved by the commissioner. No part of any such deposit shall be withdrawn, except:
(a) For the payment of promotion and organization expenses as authorized by the solicitation permit; or
(b) for the purpose of making any deposit with the commissioner required for the issuance of a certificate of authority to an insurer; or
(c) if the proposed organization is not to be an insurer, upon completion of payments on stock or syndicate subscriptions made under the solicitation permit and deposit or appropriation of such funds to the purposes specified in the solicitation permit; or
(d) for making of refunds as provided in RCW 48.06.170.
(2) When the commissioner has issued a certificate of authority to an insurer any such funds remaining in escrow for its account shall be released to the insurer.
[1947 c 79 s .06.12; Rem. Supp. 1947 s 45.06.12.]

Source: official Washington text · Last verified 2026-08-27

Related Washington Legal Topics

Frequently Asked Questions About Washington § 48.06.120

What does Revised Code of Washington § 48.06.120 cover?

Section 48.06.120 ("Escrow of funds.") is part of the Revised Code of Washington, the codified statutory law of Washington. 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 Washington § 48.06.120?

A common citation format is "Revised Code of Washington § 48.06.120" (Washington). 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 Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 48.06.120 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington 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 Washington.