Deposit in Separate Fund Sample Clauses
The 'Deposit in Separate Fund' clause requires that any deposits made under the agreement be placed into a distinct, segregated account rather than being commingled with other funds. Typically, this means the party receiving the deposit must hold it in a dedicated bank account, often for the benefit of the depositor or to ensure the funds are available for a specific purpose, such as a security deposit or escrow. This clause serves to protect the depositor by reducing the risk of misuse or loss of the funds, ensuring transparency and accountability in how the deposit is managed.
Deposit in Separate Fund. All money collected for taxes or assessments under this article shall be kept in a separate fund by the treasurer or other officer of the Agency charged with the safekeeping and disbursement of funds of the Agency, and, upon the written demand of the State, the treasurer or other officer shall pay over to the State all such money in his possession or control then due the State under this contract, which money shall be applied by the State to the satisfaction of the amount due under this contract.