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

Indiana Statutes

§ 24-3-3-7 — "Qualified escrow fund"

Indiana § 24-3-3-7

Art. 3TOBACCO PRODUCTS

Ch. 3Qualified Escrow Fund for Tobacco Product

This text of Indiana § 24-3-3-7 ("Qualified escrow fund") 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 § 24-3-3-7 (2026).

Text

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.