Indiana § 24-5-8-12 Escrow accounts

Indiana Statutes

§ 24-5-8-12 — Escrow accounts

Indiana·Art. 5 CONSUMER SALES·Ch. 8 Business Opportunity Transactions

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.

Indiana § 24-5-8-12 (Escrow accounts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.