(Effective through December 31, 2023) Every clerk of an auction sale, at all times, shall maintain in the clerk’s name or firm name, a separate trust account designated as such in a federally insured bank or other federally insured depository in this state in which the clerk immediately shall deposit all funds not the clerk’s own, including funds in which the clerk may have some future interest or claim. A federally insured depository located outside the state but licensed as a clerk in this state is not required to deposit funds in a depository in this state if auction sale funds are deposited in a separate trust account designated as such in the licensee’s depository. A clerk may not commingle the clerk’s personal funds or other funds in a trust account except that a clerk may deposit and keep a sum of one thousand dollars in such account from the clerk’s personal funds, which sum must be specifically identified and deposited to cover service charges related to the trust account. In conjunction with such account, the clerk shall maintain at the clerk’s usual place of business books, records, and other documents so that the adequacy of such account may be determined at any time. Trust accounts and other records must be open to inspection by the public service commission and its duly authorized agents at all times during regular business hours at the clerk’s usual place of business.

Handling of funds by clerk of auction sale. (Effective after December 31, 2023) Every clerk of an auction sale shall maintain in the clerk’s name or firm name, a separate trust account designated as such in a federally insured bank or other federally insured depository in this state in which the clerk immediately shall deposit all funds not the clerk’s own, including funds in which the clerk may have some future interest or claim. A federally insured depository located outside the state is not required to deposit funds in a depository in this state if auction sale funds are deposited in a separate trust account designated in the clerk’s depository. A clerk may not commingle the clerk’s personal funds or other funds in a trust account except that a clerk may deposit and keep a sum of one thousand dollars in the account from the clerk’s personal funds, which sum must be specifically identified and deposited to cover service charges related to the trust account. In conjunction with the account, the clerk shall maintain at the clerk’s usual place of business books, records, and other documents so that the adequacy of the account may be determined at any time.