 |
D.C. Municipal Regulations (Last Updated: September 13, 2017) |
 |
Title 14. HOUSING |
|
Chapter 14-38. COMMISSION OPERATIONS AND PROCEDURES |
Section 14-3806. ESCROW ACCOUNTS AND SUPERSEDEAS BONDS
-
3806.1Whenever the Commission orders, or these rules require, that an escrow account be established by a party, the conditions set forth in this section shall apply.
3806.2The amount of money specified in the order shall be placed in a bank or other financial institution within the District of Columbia.
3806.3The deposit shall be placed in an account that pays the prevailing rate of interest.
3806.4The sum deposited shall be placed in escrow and outside of the control of the party depositor.
3806.5The escrow agent shall be unable to release the sum deposited in any way other than as ordered by the Commission.
3806.6The party establishing the escrow account shall file a copy of the escrow agreement with the Commission and the opposing party.
3806.7The escrow account shall be established within the time period specified by the Commission.
3806.8Any party ordered to or required under this section to establish an escrow account may in lieu thereof purchase a supersedeas bond that complies with the provisions of this section.