Sec. 7. (a) This section applies to an escrow account that contains funds that:

(1) are received from any single party to a real estate transaction; and

lawyer at desk

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 27-7-3.7-7

  • closing agent: means a person that:

    Indiana Code 27-7-3.7-1

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • escrow account: means a checking account established by a closing agent with a:

    Indiana Code 27-7-3.7-2

  • good funds: means funds in any of the following forms:

    Indiana Code 27-7-3.7-4

(2) in the aggregate are at least ten thousand dollars ($10,000).

     (b) A closing agent may make disbursements from an escrow account described in subsection (a) in connection with a real estate transaction only if both of the following apply:

(1) All the funds described in subsection (a) are good funds.

(2) Any funds described in subsection (a) in excess of ten thousand dollars ($10,000) are good funds described in section 4(2) of this chapter.

As added by P.L.92-2009, SEC.1. Amended by P.L.72-2016, SEC.19.

  Previous section
Next section  
 Chapter 3.7 Contents