§ 45A-8. Embezzlement of closing funds by settlement agent.
§ 45A‑8. Embezzlementof closing funds by settlement agent.
(a) All closing fundsreceived by a settlement agent are trust or escrow funds received by thesettlement agent in a fiduciary capacity.
(b) A settlement agentin the disbursement of settlement proceeds shall account for and pay theclosing funds to the parties or entities identified for payment of the closingfunds pursuant to the settlement agreement approved by the parties to thetransaction.
(c) Except as to suchportions of the closing funds representing the settlement agent's fees andexpenses, a settlement agent shall be subject to the embezzlement provisions ofG.S. 14‑90. (2009‑348,s. 2.)