N.Y. General Business Law § 782: Alternative to posting bond

§ 782. Alternative to posting bond. In lieu of posting a bond as

provided in this article, the vendor shall place the deposit or deposits

paid to him by the vendee in an interest bearing escrow account with a

bank as defined in the banking law within five business days after

receipt of such deposit or deposits. Such deposit or deposits together

with interest accumulated thereon shall remain the property of the

vendee, except as otherwise provided herein.