Sec. 2. As used in this chapter, “escrow account” means a checking account established by a closing agent with a:

(1) bank;

Terms Used In Indiana Code 27-7-3.7-2

  • 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.
  • United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(2) savings and loan association;

(3) credit union; or

(4) savings bank;

that is chartered under the laws of a state or the United States and used exclusively for the deposit and disbursement of funds for an escrow transaction.

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

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