Indiana Code 27-7-3.7-6. Funds received in escrow transaction to be deposited in escrow account; exception
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Terms Used In Indiana Code 27-7-3.7-6
- 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
- escrow transaction: means a transaction in which a person deposits with a closing agent funds that are to be held until:
Indiana Code 27-7-3.7-3
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
Sec. 6. Funds received in connection with an escrow transaction must be deposited in an escrow account unless the parties to the escrow transaction agree in writing to another arrangement.
As added by P.L.92-2009, SEC.1.