Section 11-121 - Deposits on new condominiums.
§ 11-121. Deposits on new condominiums.
Any deposits taken in connection with the sale by a developer of units in a condominium intended for residential use shall be deposited or held in an escrow account as provided in § 10-301 of this article, unless a corporate surety bond is obtained and maintained as provided in § 10-301 of this article.
[An. Code 1957, art. 21, § 11-127; 1974, ch. 12, § 2; ch. 641; 1981, ch. 246; 1982, ch. 836, § 3.]