MARVIN MANDEL, Governor                                    401

WHERESOEVER THERE APPEARS IN SAID LAWS OR LOCAL
ENACTMENTS OF THE WORDS, "SQUARE(S)," "LOT(S)," "LAND,"
"GROUND(S)," "PARCEL(S)," "PROPERTY," "BLOCK(S)," OR
OTHER DESIGNATION DENOTING A UNIT OF LAND, WHERE
APPROPRIATE TO IMPLEMENT THIS TITLE, THERE SHALL BE
DEEMED INSERTED AFTER SUCH DESCRIPTIVE TERMS, REFERENCE
TO A CONDOMINIUM UNIT, CONDOMINIUM SUBDIVISION, OR
HORIZONTAL PROPERTY REGIME, WHICHEVER SHALL BE
APPROPRIATE TO EFFECT THE ENDS AND PURPOSES OF THIS
TITLE. WHEREVER, THE APPLICATION OF THE PROVISIONS OF
THIS TITLE CONFLICT WITH THE APPLICATION OF SUCH OTHER
PROVISIONS, THIS TITLE SHALL PREVAIL.

11-127. DISPOSITION OF DEPOSITS MADE BY PURCHASERS OF
NEW CONDOMINIUM UNITS.

(A) IF THE PURCHASER OF A CONDOMINIUM UNIT, WHICH IS
LOCATED IN THE STATE AND NOT COMPLETED AT THE TIME OF
CONTRACTING THE SALE, IS OBLIGATED BY THE DEVELOPER OR
SELLER TO DEPOSIT ANY SUM OF MONEY WITH THE DEVELOPED OR
SELLER PRIOR TO THE COMPLETION AND CONVEYANCE OF THE
CONDOMINIUM UNIT, THE DEVELOPER OR SELLER SHALL, UPON
RECEIPT OF THIS SUM OF MONEY, DEPOSIT IT IN AN ESCROW
ACCOUNT SEGREGATED FROM ALL OTHER FUNDS OF THE DEVELOPER
OR SELLER TO BE HELD TO ASSURE THE RETURN OF THE SUM OF
MONEY TO THE PURCHASER IN THE EVENT THE PURCHASER BECOMES
ENTITLED TO A RETURN OF THIS SUM OF MONEY.

(B) A PURCHASER'S DEPOSIT PLACED BY THE DEVELOPER OR
SELLER IN AN ESCROW ACCOUNT IN ACCORDANCE WITH THE
PROVISIONS OF SUBSECTION (A) OF THIS SECTION SHALL BE
RELEASED AND DISBURSED FROM THE ACCOUNT ONLY WHEN ONE OF
THE FOLLOWING EVENTS OCCURS:

(1)  A DEED TO THE CONDOMINIUM UNIT HAS BEEN CONVEYED
TO THE PURCHASER AND RECORDED WITH THE COURT IN WHICH THE
DEPOSIT IS HELD;

(2)    THE PURCHASER, HIS HEIRS OR ASSIGNS HAVE
RECEIVED A REFUND OF THE DEPOSIT FROM THE DEVELOPER OR
SELLER;

(3)  THE DEPOSIT HAS BEEN FORFEITED BY THE PURCHASER,
HIS HEIRS OR ASSIGNS UNDER THE TERMS OF THE CONTRACT OF
SALE RELATING TO THE PURCHASE OF THE CONDOMINIUM UNIT;

(4) THE DEVELOPER OR SELLER FAILS TO COMPLETE THE
CONSTRUCTION OF THE CONDOMINIUM UNIT AND THE PURCHASER
BECOMES ENTITLED TO A RETURN OF HIS DEPOSIT.

(C) FAILURE TO DEPOSIT MONEYS GIVEN TO A DEVELOPER
OR SELLER IN ACCORDANCE WITH THE PROVISIONS OF SUBSECTION
(A) OF THIS SECTION IS A MISDEMEANOR AND IS PUNISHABLE
UPON CONVICTION BY A FINE NOT TO EXCEED $500 OR