7-22-108. Segregation of accounts -- Duties specified by agreement -- Duties
generally.
(1) Each escrow agent shall place all funds received in escrow into separate federally
insured depository accounts specifically denominated as trust accounts and shall allow no other
funds to be placed into a trust account for any purpose. Funds may be paid from trust accounts
only in accordance with the terms and conditions of the escrow agreement. An agent may
maintain a general trust account and individual accounts for specific escrows in the agent's
discretion, subject to any specific terms and conditions of an escrow agreement. Earnings on
funds held in an escrow trust account may be periodically dispersed to the escrow agent if the
escrow contract specifically provides for such disbursements. Otherwise, earnings on funds held
in escrow may be paid out of the escrow account to any other party in accordance with the
provisions of the escrow agreement if the agreement does not otherwise provide for payment of
the earnings or any portion of the earnings on the escrow funds.
(2) All other assets or property received by an escrow agent in accordance with an
escrow agreement shall be maintained in a manner which will reasonably preserve and protect the
property from loss, theft, or damage, and which will otherwise comply with all duties and
responsibilities of a fiduciary or bailee generally.
Enacted by Chapter 133, 1991 General Session
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Last revised: Thursday, May 28, 2009