N.Y. General Business Law § 783: Disposition of security

§ 783. Disposition of security. 1. Upon transfer of title of the home

to the vendee the bond posted pursuant to this article shall be

released, and any funds held in escrow pursuant to the provisions of

this article, together with interest accumulated thereon shall become

the property of the vendor, unless otherwise agreed between the vendor

and vendee.

2. Upon default by the vendor, the vendee may demand return of his

deposit or deposits from the vendor. If the vendor has placed the

deposit or deposits in an escrow account pursuant to the provisions of

this article, he shall physically transfer the account to the vendee, or

pay the balance of said account to the vendee within fourteen business

days after the day on which the demand was made. If the vendor has

posted a bond pursuant to the provisions of this article, the vendee may

initiate action for payment thereon if his deposit or deposits have not

been paid to such vendee by the vendor within fourteen business days

after the day in which said demand was made.