Nebraska Condominium Act — Escrow Account

Nebraska Legislature NEBRASKA LEGISLATURE The official site of the Nebraska Unicameral Legislature MENU Home Chamber Viewer View Bills One Liners Statutes Summary Hearings Agenda Journal Budget Rule Book Constitution Legislature About The Nebraska State Legislature The Budget Process History of the Unicameral Lawmaking in Nebraska Maps Nebraska Blue Book On Unicameralism Photos Publications Senator Qualifications Student Programs Testifying at a Hearing Unicameral Update Visiting the Capitol Bills and Laws Introduction Search Bills Search Laws Print On Demand Calendar Committees About Standing and Special Committees Standing Committees Public Input Options Select & Special Committees Compact Commissions Hearing Schedules Occupational Board Reform Act Survey Results Legislative Divisions Clerk of the Legislature Legislative Oversight Legislative Fiscal Office Legislative Research Office Public Counsel/Ombudsman Revisor of Statutes Legislative Histories History Request News Reports Overview Agencies Committee Fiscal/Budget General Research Interim Studies Lobbyist Registration Legislative Oversight Public Counsel Revisor of Statutes Senators Senators' Landing Pages Senators' Duties Speaker Find your Senator Photos Session Information Transcripts For Agencies For Citizens For Journalists For Lobbyists For Students and Teachers Nebraska Revised Statute 76-874.01 Revised Statutes Chapter 76 76-874.01 Print Friendly View Statute 76-874 Chapter 76 Index View Statute 76-875 Chapter 76 76-874.01. Payments to escrow account; use. (a) The association may require a person who purchases a unit on or after September 6, 2013, to make payments into an escrow account established by the association until the balance in the escrow account for that unit is in an amount not to exceed six months of assessments. (b) All payments made under this section and received on or after September 6, 2013, shall be held in an interest-bearing checking account in a bank, savings bank, building and loan association, or savings and loan association in this state under terms that place these payments beyond the claim of creditors of the association. Upon request by a unit owner, an association shall disclose the name of the financial institution and the account number where the payments made under this section are being held. An association may maintain a single escrow account to hold payments made under this section from all of the unit owners. If a single escrow account is maintained, the association shall maintain separate accounting records for each unit owner. (c) The payments made under this section may be used by the association to satisfy any assessments attributable to a unit owner for which assessment payments are delinquent. To the extent that the escrow deposit or any part thereof is applied to offset any unpaid assessments of a unit owner, the association may require such owner to replenish the escrow deposit. (d) The association shall return the payments made under this section, together with any interest earned on such payments, to the unit owner when the owner sells the unit and has fully paid all assessments. (e) Nothing in this section shall prohibit the association from establishing escrow deposit requirements in excess of the amounts authorized in this section pursuant to provisions in the association's declaration. Source Laws 2013, …

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