Indiana Code 27-7-3.7-8. Disbursements; requirements for funds less than $10,000 received from single party

Sec. 8. A closing agent may not make disbursements from an escrow account in connection with a real estate transaction unless any funds that:

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

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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.
good funds: means funds in any of the following forms:
Indiana Code 27-7-3.7-4

(2) in the aggregate are less than ten thousand dollars ($10,000);

are good funds.

As added by P.L.92-2009, SEC.1.