All purchase money received from or on behalf of a purchaser in connection with the execution of a contract shall be deposited and held in this State in an escrow account designated solely for that purpose, which may be the seller’s own escrow account or that of the seller’s attorney, until the time for cancellation has expired as provided for in § 2824 of this title, unless a later time is provided in the contract. If the contract has not been canceled, any purchase money received from a purchaser may be released to the seller upon:
(1) The conveying to the purchaser of the right or license to use the time-share unit and facilities as required in the contract; or
(2) The forfeiture of the purchase money by the purchaser under the terms of the contract.
67 Del. Laws, c. 433, § 1.
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