CHAPTER 114
SB 100 – FINAL VERSION
2007 SESSION
08/05
SENATE BILL 100
AN ACT relative to the authority of a real estate escrow agent to hold funds in the event of a dispute.
SPONSORS: Sen. Gottesman, Dist 12; Sen. Clegg, Dist 14; Sen. Gallus, Dist 1; Sen. Reynolds, Dist 2; Rep. D. Eaton, Ches 2; Rep. Kopka, Hills 26; Rep. Chandler, Carr 1
COMMITTEE: Commerce, Labor and Consumer Protection
This bill gives authority to a real estate escrow agent to hold funds in the event of a dispute between a buyer and a seller.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
07-1181
08/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT relative to the authority of a real estate escrow agent to hold funds in the event of a dispute.
Be it Enacted by the Senate and House of Representatives in General Court convened:
114:1 New Paragraph; Escrow; Authority of Agent. Amend RSA 331-A:13 by inserting after paragraph VII the following new paragraph:
VIII. If a principal broker licensed under this chapter holds funds entrusted to him or her pursuant to a written agreement for the sale of real property and the written agreement expressly authorizes the principal broker, firm, corporation, or LLC, as escrow agent, to continue to hold the funds in the event of a dispute between the buyer and seller concerning entitlement to the funds, no claim shall be maintained against the principal broker, firm, corporation, or LLC, as escrow agent, whether as trustee, stakeholder, or otherwise, if the escrow agent has complied with the mutual written instructions of the buyer and seller, if any, and any order or judgment of a court or final decision of an arbitrator with regard to accounting for or disbursing the funds. In an action commenced with regard to entitlement to such escrowed funds, a party to the action may file a motion seeking an order to have the funds paid into court by the escrow agent. Written notice of the motion shall be given by the moving party to all other parties and to the escrow agent. The escrow agent shall pay the funds into court within 10 days of receipt of the order on the motion or within such other time as provided by the court.
114:2 Effective Date. This act shall take effect January 1, 2008.
Approved: June 11, 2007
Effective: January 1, 2008