Any deposit made in connection with the purchase or reservation of a unit from a person
required to deliver a public offering statement pursuant to § 34-36.1-4.02(c) shall be placed in escrow and held either in this state or in the state where the
unit is located in an account designated solely for that purpose by a licensed title
insurance company, an attorney, a licensed real estate broker, an independent bonded
escrow company, or any financial institution whose deposits are insured until:
(1) Delivered to the declarant at closing;
(2) Delivered to the declarant because of purchaser's default under a contract to
purchase the unit; or
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