Sec. 9. If:

(1) the closing agent in a real estate transaction receives wired funds unconditionally held and irrevocably credited to the escrow account of the closing agent; and

Terms Used In Indiana Code 27-7-3.7-9

  • 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.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) a holder of a mortgage lien encumbering real estate so requests, as part of written closing instructions or a written payoff statement in advance of closing;

the holder of the mortgage lien is entitled to receive its proceeds from the real estate transaction through funds electronically transferred to an account specified by the holder of the mortgage lien.

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

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