12 CFR 16.31 – Escrow requirement
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The OCC may require that any funds received in connection with an offer or sale of securities be held in an independent escrow account at an unrelated insured depository institution when the use of an escrow account is in the best interests of shareholders.
Terms Used In 12 CFR 16.31
- Escrow: Money given to a third party to be held for payment until certain conditions are met.