(a) Any sum of money received by a vendor or builder in connection with the sale and purchase of a new single–family residential unit shall be held in trust for the benefit of the purchaser.
(b) Any payments made for labor or material in connection with the construction of the residential unit shall be consistent with the trust obligation required under subsection (a) of this section.
Structure Maryland Statutes
Subtitle 3 - Deposits on New Homes
Section 10-301.1 - Money Received by Vendor or Builder
Section 10-301.2 - Interest on and Investment of Trust Money
Section 10-302 - Bond Payable to State; Deposit; Form of Bond; Penalty of Blanket Bond
Section 10-303 - Irrevocable Letters of Credit
Section 10-303.1 - Regulations
Section 10-304 - Sales Exempt From Subtitle
Section 10-305 - Penalties; Unfair or Deceptive Trade Practices