Indiana Code 30-2-13-39. Prohibited relationships between sellers and trustees or escrow agents
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Sec. 39. (a) This section does not apply to a trust funded by the method described in section 11(c) of this chapter.
(b) A seller may not be an affiliate, a parent, or a subsidiary organization of the trustee or escrow agent, acting as a fiduciary, of a trust or escrow account established after June 30, 2008, to hold consideration paid for services or merchandise subject to a contract entered into under this chapter by the seller and a purchaser.
As added by P.L.61-2008, SEC.11.
Terms Used In Indiana Code 30-2-13-39
- agent: means a person authorized by a seller to offer, sell, or solicit the sale of a contract on behalf of the seller and includes an employee or independent contractor of the seller. See Indiana Code 30-2-13-2
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiduciary: A trustee, executor, or administrator.
- purchaser: means a person or firm contracting with a seller for services or merchandise to be provided or delivered for a named individual. See Indiana Code 30-2-13-9
- seller: means a person doing business as a sole proprietor, a firm, a limited liability company, a corporation, an association, or a partnership contracting to provide services or merchandise, or both, to a named individual. See Indiana Code 30-2-13-10
- services or merchandise: includes personal property or services:
Indiana Code 30-2-13-8
- Trustee: A person or institution holding and administering property in trust.