Clients’ trust accounts
- commingling of funds
- branch trust account
- interest earnings on trust account
- when broker entitled to earnest money
- funds not subject to execution
- rules
Source:
Section 696.241 — Clients’ trust accounts; commingling of funds; branch trust account; interest earnings on trust account; when broker entitled to earnest money; funds not subject to execution; rules, https://www.oregonlegislature.gov/bills_laws/ors/ors696.html
.
See also annotations under ORS 696.240 in permanent edition.
Notes of Decisions
Since purpose of this section is to prevent abuses arising from commingling of funds entrusted to brokers with brokers’ other funds, “neutral escrow depository” means an escrow depository other than a broker, but includes escrow depositories owned or controlled by a broker. Banif Corp. v. Black, 12 Or App 385, 507 P2d 49 (1973)
Broker was not guilty of “conversion” of down payment where clear evidence showed broker complied with statutory requirements by depositing down payment made by purchaser in trust fund account. Huszar v. Certified Realty Co., 278 Or 29, 562 P2d 1184 (1977)