An escrow agent must deposit all checks or cash received in escrow into the agent’s escrow trust account established under ORS 696.578 no later than the close of business of the banking day the day after the agent receives the checks or cash. This requirement does not apply to checks received from a lender who requires that the checks not be deposited until an escrow is ready to close.

Statutory/Other Authority

ORS 696.385 & 696.541

Statutes/Other Implemented

ORS 696.578

History

REA 10-2008, f. 12-15-08, cert. ef. 1-1-09
REC 6-1984, f. 6-18-84, ef. 7-1-84
REC 5-1978, f. 11-15-78, ef. 1-1-79