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.

Added as Real Property § 11-118 by Acts 1974, c. 641, § 2, eff. July 1, 1974. Renumbered as Real Property § 11-121 and amended by Acts 1981, c. 246, § 1, eff. July 1, 1981. Amended by Acts 1982, c. 836, § 3.

Formerly Art. 21, § 11-127.