Washington § 88.02.770 - Receipt of cash or negotiable instrument before delivery of vessel — Trust account.

Full text of Washington Revised Code of Washington § 88.02.770 — Receipt of cash or negotiable instrument before delivery of vessel — Trust account., with citation guidance and answers to common questions.

§ 88.02.770. Receipt of cash or negotiable instrument before delivery of vessel — Trust account.

(1) A vessel dealer who receives cash or a negotiable instrument of deposit in excess of one thousand dollars, or a deposit of any amount that will be held for more than fourteen calendar days, shall place the funds in a separate trust account.
The cash or negotiable instrument must be:
(a) Set aside immediately upon receipt for the trust account, or endorsed to the trust account immediately upon receipt; and
(b) Deposited in the trust account by the close of banking hours on the day following the receipt.
(2) After delivery of the purchaser's vessel, the vessel dealer shall remove the deposited funds from the trust account.
(3) The dealer shall not commingle the purchaser's funds with any other funds at any time.
(4) The funds must remain in the trust account until the delivery of the purchased vessel. However, upon written agreement from the purchaser, the vessel dealer may remove and release trust funds before delivery.
[ 2010 c 161 s 1039; 1991 c 339 s 33; 1987 c 149 s 11. Formerly RCW 88.02.220.]

Notes

Effective date—Intent—Legislation to reconcile chapter 161, Laws of 2010 and other amendments made during the 2010 legislative session—2010 c 161: See notes following RCW 46.04.013.
Effective date—1987 c 149: See note following RCW 88.02.710.

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

Related Washington Legal Topics

Frequently Asked Questions About Washington § 88.02.770

What does Revised Code of Washington § 88.02.770 cover?

Section 88.02.770 ("Receipt of cash or negotiable instrument before delivery of vessel — Trust account.") 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 § 88.02.770?

A common citation format is "Revised Code of Washington § 88.02.770" (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 § 88.02.770 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.