Indiana § 24-3-3-7 "Qualified escrow fund"

Indiana Statutes

§ 24-3-3-7 — "Qualified escrow fund"

Indiana·Art. 3 TOBACCO PRODUCTS·Ch. 3 Qualified Escrow Fund for Tobacco Product

As used in this chapter, "qualified escrow fund"
means an escrow arrangement with a federally or state chartered
financial institution having no affiliation with any tobacco product
manufacturer and having assets of at least one billion dollars
($1,000,000,000) where the arrangement requires that the financial
institution hold the escrowed fund's principal for the benefit of
releasing parties and prohibits the tobacco product manufacturer
placing the funds into escrow from using, accessing, or directing the
use of the fund's principal except as consistent with this chapter.

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As used in this chapter, "qualified escrow fund"
means an escrow arrangement with a federally or state chartered
financial institution having no affiliation with any tobacco product
manufacturer and having assets of at least one billion dollars
($1,000,000,000) where the arrangement requires that the financial
institution hold the escrowed fund's principal for the benefit of
releasing parties and prohibits the tobacco product manufacturer
placing the funds into escrow from using, accessing, or directing the
use of the fund's principal except as consistent with this chapter.

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