Indiana § 27-7-3.7-3 "Escrow transaction"

Indiana Statutes

§ 27-7-3.7-3 — "Escrow transaction"

Indiana § 27-7-3.7-3

Title 27INSURANCE

Art. 7SPECIAL TYPES OF INSURANCE

Ch. 3.7Escrow Transactions in Real Estate Transactions

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Bluebook

Ind. Code § 27-7-3.7-3 (2026).

Text

(a)As used in this chapter, "escrow transaction" means a transaction in which a person deposits with a closing agent funds that are to be held until:

(1)a specified event occurs; or

(2)the performance of a prescribed condition; in connection with the purchase, sale, or financing of an interest in real estate.

(b)The term does not include a loan financing if:

(1)the only parties to the loan transaction are the lender and the borrower; and

(2)the lender is responsible for disbursing all of the funds to the borrower or to a third party in order to pay fees and charges associated with the loan transaction.

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(a) As used in this chapter, "escrow
transaction" means a transaction in which a person deposits with a
closing agent funds that are to be held until:
(1) a specified event occurs; or
(2) the performance of a prescribed condition;
in connection with the purchase, sale, or financing of an interest in real
estate.
(b) The term does not include a loan financing if:
(1) the only parties to the loan transaction are the lender and the
borrower; and
(2) the lender is responsible for disbursing all of the funds to the
borrower or to a third party in order to pay fees and charges
associated with the loan transaction.