Indiana Code 4-13.6-1-8. “Escrowed principal”
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Terms Used In Indiana Code 4-13.6-1-8
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 8. “Escrowed principal” means the value of all cash, securities, or other property placed in an escrow account by the division or a contractor as a retainage on a public works contract.
As added by P.L.24-1985, SEC.7.