Brokered boat deposit

Definition

A buyer's money on a boat the marina is selling for somebody else, held apart under a license.

Why It Matters

A marina with a brokerage desk holds a stranger's purchase money between contract and closing, and Florida requires it kept apart at a named institution with its own record of every receipt and disbursement. Moving it is not a bookkeeping error: intentionally failing to open that account or to put funds in it is a felony, and its absence is treated as evidence of intent. The license behind it does not convey, and the seller's security stays on deposit for a year after they stop broking, so open deposits are reconciled and re-deposited under the buyer's own license and are never working capital.