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Indiana Code Title 27. Insurance § 27-7-3.7-7

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 7. (a) This section applies to an escrow account that contains funds that:

(1) are received from any single party to a real estate transaction;  and

(2) in the aggregate are at least ten thousand dollars ($10,000).

(b) A closing agent may make disbursements from an escrow account described in subsection (a) in connection with a real estate transaction only if both of the following apply:

(1) All the funds described in subsection (a) are good funds.

(2) Any funds described in subsection (a) in excess of ten thousand dollars ($10,000) are good funds described in section 4(2) of this chapter.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-7-3.7-7 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-7-3-7-7/

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