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The Vermont Statutes Online



Title

11

:
Corporations, Partnerships and Associations






Chapter

014

:
COOPERATIVE HOUSING OWNERSHIP ACT











 

§

1600. Deposits; sale of cooperative interests; escrow

Deposits taken

in connection with the sale of cooperative interests by a cooperative housing

corporation, with respect to units intended for residential use shall be

deposited and held in an interest-bearing escrow account for the benefit of the

purchaser, until such time as the transaction closes unless the escrow

requirement is expressly waived by the purchaser. (Added 1987, No. 254 (Adj.

Sess.), § 1, eff. June 16, 1988.)