Indiana Code 24-3-3-7. “Qualified escrow fund”
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Indiana Code 24-3-3-7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- releasing parties: means Releasing Parties as that term is defined in the Master Settlement Agreement. See Indiana Code 24-3-3-9
- tobacco product manufacturer: means an entity that after June 30, 1999, directly (and not exclusively through any affiliate):
Indiana Code 24-3-3-10
Sec. 7. As used in this chapter, “qualified escrow fund” means an escrow arrangement with a federally or state chartered financial institution having no affiliation with any tobacco product manufacturer and having assets of at least one billion dollars ($1,000,000,000) where the arrangement requires that the financial institution hold the escrowed fund’s principal for the benefit of releasing parties and prohibits the tobacco product manufacturer placing the funds into escrow from using, accessing, or directing the use of the fund’s principal except as consistent with this chapter.
As added by P.L.223-1999, SEC.1.