Escrow Agreement Form For Guarantee Of Kansas Retail Liquor Licensee'S Performance printable pdf download

KANSAS DEPARTMENT OF REVENUE

ALCOHOLIC BEVERAGE CONTROL DIVISION

ESCROW AGREEMENT

FOR GUARANTEE OF KANSAS RETAIL LIQUOR LICENSEE’S PERFORMANCE

This agreement entered into this ________ day of ___________________, _________, between ______________________,

(Day)

(Month)

(Year)

hereinafter referred to as the “ESCROW AGENT” and _____________________________________________, hereinafter

referred to as the “DEPOSITOR” is entered into comply with the requirements of K.S.A. 41-317(b).

The Depositor agrees to purchase and deliver to the Escrow Agent a certificate of deposit issued by a Kansas bank or savings

and loan association in the amount of $_____________, which amount the Depositor warrants is the amount established by

the statute as the required bond. The Depositor may not assign, pledge as security for any loan, or otherwise encumber the

certificate during the period of this agreement.

The Escrow Agent acknowledged receipt of the aforesaid certificate of deposit number ________________ and will not

return said certificate to the Depositor nor allow said certificate to be assigned, pledged or otherwise encumbered during the

period of this agreement except as provided below. The Escrow Agent shall remit interest on the certificate annually to the

Depositor.

In the event Depositor defaults in payment of any taxes, fines or forfeitures that may be assessed by the Director, Alcoholic

Beverage Control Division, the Escrow Agent, upon written demand from the Director, shall remit the proceeds of the

certificate of deposit and any interest accrued to date of notification to the Kansas Department of Revenue. Upon such

remittance to the Kansas Department of Revenue, this agreement shall be deemed terminated.

When the Director, Alcoholic Beverage Control Division, determines that a bond is no longer required for the Depositor,

notification in writing shall be made to the Escrow Agent who will then be authorized to release the certificate of deposit to

the Depositor and thus terminate this agreement.

Nothing in this agreement shall be so construed to increase the liability of the Escrow Agent beyond the amount and

provisions of this agreement.

DATED at ___________________ this ___________ day of _______________________, _________

(Day)

(Month)

(Year)

Depositor’s Signature

Escrow Agent’s Signature

Depositor’s Address

Escrow Agent’s Address

State of ____________________________________

County of

Subscribed and Sworn to before me this _________ day of ________________________, _________

(Day)

(Month)

(Year)

Notary Public

My Commission Expires

ABC-57

(Rev. 5/01)

Escrow Agreement Form For Guarantee Of Kansas Retail Liquor Licensee'S Performance

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