Indiana Code 23-14-52-2. Liability and duties of purchaser
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Sec. 2. The following conditions apply to a sale referred to in section 1(a) of this chapter:
(2) The purchaser shall perform:
(1) The purchaser is liable for any shortages existing before or after the sale in the perpetual care fund required by IC 23-14-48 or in an escrow fund or trust account required by IC 23-14-49-1.
Terms Used In Indiana Code 23-14-52-2
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(A) all obligations imposed on cemetery owners under this article;
(B) all obligations imposed on the cemetery owner under contracts made by the selling cemetery owner or any prior cemetery owner relating to:
(i) burial or interment rights; or
(ii) the sale of the personal property or services described in IC 23-14-49-1; and
(C) any other related obligation.
As added by P.L.52-1997, SEC.26.