§ 27-7-3.7-4 — "Good funds"

Indiana § 27-7-3.7-4

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 7: SPECIAL TYPES OF INSURANCE
• Ch. 3.7: Escrow Transactions in Real Estate Transactions

Text

As used in this chapter, "good funds" means
funds in any of the following forms:
(1) United States currency.
(2) Wired funds unconditionally held by and irrevocably credited
to the escrow account of the closing agent.
(3) Certified or cashier's checks that are drawn on an existing
account at a:
(A) bank;
(B) savings and loan association;
(C) credit union; or
(D) savings bank;
chartered under the laws of a state or the United States.
(4) A check drawn on the trust account of a real estate broker
licensed under IC 25-34.1, if the closing agent has reasonable and
prudent grounds to believe that sufficient funds will be available
for withdrawal from the account on which the check is drawn at
the time of disbursement of funds from the closing agent's escrow
account.
(5) A personal check not to exceed five hundred dollars ($500)
per closing.
(6) A check issued by the state, the United States, or a political
subdivision of the state or the United States.
(7) A check drawn on the escrow account of another closing
agent, if the closing agent in the escrow transaction has
reasonable and prudent grounds to believe that sufficient funds
will be available for withdrawal from the account upon which the
check is drawn at the time of disbursement of funds from the
escrow account of the closing agent in the escrow transaction.
(8) A check issued by a farm credit service authorized under the
Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.).
(9) A check that is deposited and held in the escrow account of
the closing agent for at least fourteen (14) days before the date of
closing.

Legislative History

As added by P.L.92-2009, SEC.1. Amended by P.L.72-2016, SEC.18.