§ 782. Alternative to posting bond. In lieu of posting a bond as provided in this article, the vendor shall place the deposit or deposits paid to him by the vendee in an interest bearing escrow account with a bank as defined in the banking law within five business days after receipt of such deposit or deposits. Such deposit or deposits together with interest accumulated thereon shall remain the property of the vendee, except as otherwise provided herein.

Terms Used In N.Y. General Business Law 782

  • Deposit: means any moneys given as down payment by the vendee to the vendor as required by the vendor prior to the commencement of the work to be performed pursuant to an agreement between the vendor and vendee wherein vendor undertook to build or construct a home for the vendee. See N.Y. General Business Law 780
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Vendee: means any individual or individuals who have contracted with a vendor for construction of a home on land not owned at the time of such agreement by such individual or individuals. See N.Y. General Business Law 780
  • Vendor: means any person, firm, corporation, or association engaged in the business of erecting or constructing homes. See N.Y. General Business Law 780
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