Indiana § 23-2-4-11 Letter of credit, negotiable securities, or bond instead of escrow
account

Indiana Statutes

§ 23-2-4-11 — Letter of credit, negotiable securities, or bond instead of escrow account

Indiana § 23-2-4-11

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 2SECURITIES AND FRANCHISES

Ch. 4Supervision of Continuing Care Contracts

This text of Indiana § 23-2-4-11 (Letter of credit, negotiable securities, or bond instead of escrow account) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 23-2-4-11 (2026).

Text

In lieu of establishing an escrow account under section 10 of this chapter, a provider may, with the commissioner's permission, post a letter of credit from a financial institution, negotiable securities, or a bond by a surety authorized to do business in Indiana. The letter of credit, negotiable securities, or bond must be:

(1)approved by the commissioner as to form;

(2)for an amount that is at least equal to the maximum amount of entrance fees reasonably anticipated by the provider to otherwise be subject to the escrow requirements set forth in section 10 of this chapter; and

(3)executed in favor of the commissioner on behalf of individuals who may be found entitled to a refund of entrance fees. As added by Acts 1982, P.L.145, SEC.1. Amended by P.L.152-2020, SEC.6.

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In lieu of establishing an escrow account
under section 10 of this chapter, a provider may, with the
commissioner's permission, post a letter of credit from a financial
institution, negotiable securities, or a bond by a surety authorized to do
business in Indiana. The letter of credit, negotiable securities, or bond
must be:
(1) approved by the commissioner as to form;
(2) for an amount that is at least equal to the maximum amount of
entrance fees reasonably anticipated by the provider to otherwise
be subject to the escrow requirements set forth in section 10 of
this chapter; and
(3) executed in favor of the commissioner on behalf of individuals
who may be found entitled to a refund of entrance fees.
As added by Acts 1982, P.L.145, SEC.1. Amended by
P.L.152-2020, SEC.6.