RCW 88.02.770
Receipt of cash or negotiable instrument before delivery of vessel—Trust account.
(1) A vessel dealer who receives cash or a negotiable instrument of deposit in excess of one thousand dollars, or a deposit of any amount that will be held for more than fourteen calendar days, shall place the funds in a separate trust account.
The cash or negotiable instrument must be:
(a) Set aside immediately upon receipt for the trust account, or endorsed to the trust account immediately upon receipt; and
(b) Deposited in the trust account by the close of banking hours on the day following the receipt.
(2) After delivery of the purchaser's vessel, the vessel dealer shall remove the deposited funds from the trust account.
(3) The dealer shall not commingle the purchaser's funds with any other funds at any time.
(4) The funds must remain in the trust account until the delivery of the purchased vessel. However, upon written agreement from the purchaser, the vessel dealer may remove and release trust funds before delivery.
[ 2010 c 161 § 1039; 1991 c 339 § 33; 1987 c 149 § 11. Formerly RCW 88.02.220.]
NOTES:
Effective date—Intent—Legislation to reconcile chapter 161, Laws of 2010 and other amendments made during the 2010 legislative session—2010 c 161: See notes following RCW 46.04.013.
Effective date—1987 c 149: See note following RCW 88.02.710.
Structure Revised Code of Washington
Title 88 - Navigation and Harbor Improvements
Chapter 88.02 - Vessel Registration.
88.02.320 - Department—Powers and duties.
88.02.330 - Confidential vessel registrations—Rules.
88.02.340 - Inspection of registration certificates, out-of-state vessels.
88.02.350 - Refunds, overpayments, and underpayments—Penalty for false statement.
88.02.360 - Contaminated vessels.
88.02.370 - Five business-day notice—Vessel disposition or filing of report of sale.
88.02.380 - Penalties—Disposition of moneys collected—Enforcement authority.
88.02.390 - Carbon monoxide warning sticker—Display required.
88.02.400 - Evasive registration and excise tax evasion—Penalty.
88.02.410 - Department and state immune from suit for administration of chapter.
88.02.420 - Moorage providers—Long-term moorage—Required information.
88.02.430 - Disclosure of vessel owner records.
88.02.500 - Certificate of title system—Intent.
88.02.510 - Application—When, by whom.
88.02.515 - Application—Form and contents.
88.02.520 - Security interests.
88.02.530 - Duplicate certificates of title.
88.02.540 - Quick title—Application requirements—Subagents.
88.02.550 - Registration and display of registration number and decal required—Exemptions.
88.02.580 - Voluntary donations—Maritime historic restoration and preservation.
88.02.590 - Duplicate registration certificates.
88.02.592 - Registration certificates—Manual removal of registrant's address.
88.02.595 - Replacement decals.
88.02.600 - Carbon monoxide poisoning informational brochure.
88.02.610 - Vessel visitor permit.
88.02.620 - Nonresident vessel permit.
88.02.640 - Fees by type—Disposition, distribution.
88.02.660 - Maritime historic restoration and preservation account.
88.02.710 - Requirements—Surety bond—Fees.
88.02.730 - Business address—Office—Identification of business.
88.02.740 - Vessel dealer license required—Penalty.
88.02.750 - Denial, suspension, or revocation of vessel dealer license—Penalties—Subterfuge.
88.02.770 - Receipt of cash or negotiable instrument before delivery of vessel—Trust account.
88.02.780 - Records of the purchase and sale of vessels.
88.02.790 - Vessel dealer display decals—Use.
88.02.795 - Additional penalties for unauthorized or personal use of dealer display decals.