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

Terms Used In Indiana Code 27-7-3.7-8

  • 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.