Indiana Code 30-2-13-14. Conversion of trust or escrow agreement; change in method of funding; new or successor trustee or escrow agent
(1) IC 23-14-49-1;
Terms Used In Indiana Code 30-2-13-14
- agent: means a person authorized by a seller to offer, sell, or solicit the sale of a contract on behalf of the seller and includes an employee or independent contractor of the seller. See Indiana Code 30-2-13-2
- contract: means a written agreement between a purchaser and a seller that:
Indiana Code 30-2-13-4
- 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.
- insurance policy: means a policy providing one (1) or more of the types of insurance described in IC 27-1-5-1, Class 1(a) and Class 1(c). See Indiana Code 30-2-13-7
- purchaser: means a person or firm contracting with a seller for services or merchandise to be provided or delivered for a named individual. See Indiana Code 30-2-13-9
- seller: means a person doing business as a sole proprietor, a firm, a limited liability company, a corporation, an association, or a partnership contracting to provide services or merchandise, or both, to a named individual. See Indiana Code 30-2-13-10
- services or merchandise: includes personal property or services:
Indiana Code 30-2-13-8
- Trustee: A person or institution holding and administering property in trust.
(3) IC 30-2-10;
may not be converted to a trust or an escrow agreement required by section 12 or 12.5 of this chapter.
(b) A contract that has been funded with cash may not subsequently be changed to be funded with an insurance policy.
(c) A contract that has been funded with an insurance policy may not subsequently be changed to be funded with cash.
(d) Unless a transaction occurs under section 15(a)(4) of this chapter or the provisions of the contract permit otherwise, a new or successor trustee or escrow agent may not qualify and serve as trustee or escrow agent without the written consent of the purchaser and the seller designated to provide services or merchandise subject to a contract under this chapter.
As added by P.L.200-1991, SEC.1. Amended by P.L.241-1995, SEC.9; P.L.52-1997, SEC.53; P.L.114-1999, SEC.11.