finance

Notice-and-Protest Procedure for Trust Money

Maryland's method (BOP §17-505(b)) for releasing a disputed deposit when the parties will not sign a joint release. The broker sends written notice to both buyer and seller by hand or by certified plus regular mail, stating who will receive the money. Either party has 30 days from delivery or mailing to send a written protest. With no protest, the broker distributes as stated; after a protest, the broker keeps holding the money until a release, court order or other authorized event.