SECTION 7-101
Money deposited or advanced for use or rental of personal property; waiver void
General Obligations (GOB) CHAPTER 24-A, ARTICLE 7, TITLE 1
§ 7-101. Money deposited or advanced for use or rental of personal
property; waiver void. 1. Whenever money shall be deposited or advanced
on a contract for the use or rental of personal property as security for
performance of the contract or to be applied to payments upon such
contract when due, such money, with interest accruing thereon, if any,
until repaid or so applied, shall continue to be the money of the person
making such deposit or advance and shall be a trust fund in the
possession of the person with whom such deposit or advance shall be made
and shall be deposited in a bank or trust company and shall not be
mingled with other funds or become an asset of such trustee, excepting,
however, that such trust funds may be deposited with other funds that
have been deposited or advanced to the trustee as security for
performance of a contract for the use or rental of personal property or
be applied to payments upon such contract when due. If the money being
deposited or advanced is for the use or rental of personal property and
the money deposited or advanced is seven hundred fifty dollars or more
and is for the use or rental of personal property for a period equal to
or greater than one hundred twenty days, the person receiving such money
shall deposit it pursuant to the provisions of subdivision one-a of this
section.