Indiana § 24-5-8-12 Escrow accounts

Indiana Statutes

§ 24-5-8-12 — Escrow accounts

Indiana § 24-5-8-12

Art. 5CONSUMER SALES

Ch. 8Business Opportunity Transactions

This text of Indiana § 24-5-8-12 (Escrow accounts) 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 § 24-5-8-12 (2026).

Text

A seller may not require a payment before the delivery of any goods that exceeds twenty percent (20%) of the initial payment unless the amount in excess of the twenty percent (20%) payment is placed in an escrow account which provides that the money can not be released until:

(1)the investor notifies the escrow agent in writing of the receipt of the goods; or

(2)the seller presents to the escrow agent a bill of lading that proves shipment of the goods as required by the contract. Notification of receipt by the investor to the escrow agent may not be unreasonably withheld.

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A seller may not require a payment before the
delivery of any goods that exceeds twenty percent (20%) of the initial
payment unless the amount in excess of the twenty percent (20%)
payment is placed in an escrow account which provides that the money
can not be released until:
(1) the investor notifies the escrow agent in writing of the receipt
of the goods; or
(2) the seller presents to the escrow agent a bill of lading that
proves shipment of the goods as required by the contract.
Notification of receipt by the investor to the escrow agent may not be
unreasonably withheld.