- (a) Any bank or trust company which is not an affiliate of the depository, and which is authorized to conduct a trust business and is chartered by the United States government or any of its fifty states is eligible to act as an escrow agent.
- (b) All escrow accounts shall be established with the appropriate Escrow Agent Agreement. Escrow accounts for the State Treasurer under the Pooling Method shall be established by Form COLL-93B. Escrow accounts for a public depositor under the Dedicated Method shall be established by Form COLL-94B. The escrow agent agreements shall contain the necessary language to establish the required trust as provided in this Chapter.
History Note: Authority G.S. 115C‑444(b); 147‑79; 159‑31(b);
Eff. August 1, 1980;
Readopted with Change Eff. February 1, 1982;
Amended Eff. April 1, 1994;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. April 5, 2016;
Amended eff. November 1, 2020.