Form Cr-142 - Escrow Agreement For Guarantee Of Kansas Nonresident Contractor Tax Liability
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1KANSAS DEPARTMENT OF REVENUE
ESCROW AGREEMENT
FOR GUARANTEE OF KANSAS NONRESIDENT CONTRACTOR TAX LIABILITY
This agreement entered into this
day of
, 20
, between
, hereinafter referred to as
the "Escrow Agent" and
, h ereinafter referred to as
the "Depositor" is entered into to comply with the requirements of K.S.A. 79-1010.
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 Kansas Department of Revenue 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 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 Kansas nonresident contractor tax obligations, the Escrow Agent, upon
written demand from the Kansas Department of Revenue, shall remit the proceeds of the certificate of deposit and
any interest accrued to date of notification to the Kansas Department of Revenue or its authorized agent. Upon such
remittance to the Kansas Department of Revenue, this agreement shall be deemed terminated.
When the Director of Taxation of the State of Kansas 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
, 20
.
Escrow Agent
Depositor
Signature of Escrow Agent
Signature of Depositor
(Must be owner, partner, or corporate officer)
Address
Address
State of
)
)
ss
County of
)
Subscribed and sworn to before me this
day of
, 20
.
My commission expires
Notary Public
CR-142
(Rev. 3/02)
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