An Ohio broker holds funds in the trust account from a transaction that fell through. Both buyer and seller have stopped communicating, and neither has claimed the $5,000 deposit. After exhausting reasonable efforts to contact the parties, the broker should:
Correct Answer
C) Consider interpleading the funds with the court or following Ohio's unclaimed funds procedures
When parties cannot be located and funds remain unclaimed, the broker may interplead the funds with the court or follow Ohio's unclaimed property/funds procedures. The broker cannot keep, spend, or donate trust funds that belong to others.
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