Terms Used In Indiana Code 4-13.6-1-8

  • Contract: A legal written agreement that becomes binding when signed.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
   Sec. 8. “Escrowed principal” means the value of all cash, securities, or other property placed in an escrow account by the division or a contractor as a retainage on a public works contract.

As added by P.L.24-1985, SEC.7.