Escrow of Deposits

Any deposit made in connection with the purchase or reservation of a time-share interval from a developer must be placed in escrow and held in this Territory in an account designated solely for the purpose, in an institution whose accounts are insured by a governmental agency or instrumentality until

(a)delivered to the developer at the expiration of the time for rescission or any later time specified in any contract of sale;

(b)delivered to the developer because of the purchaser's default under a contract to purchase the time-share interval; or

(c)refunded to the purchaser.