Conversion of trust or escrow agreement; change in method of
funding; new or successor trustee or escrow agent
Sec. 14. (a) A trust or an escrow agreement created under:
(1) IC 23-14-49-1;
(2) IC 30-2-9; or
(3) IC 30-2-10;
may not be converted to a trust or an escrow agreement required by
section 12 or 12.5 of this chapter.
(b) A contract that has been funded with cash may not
subsequently be changed to be funded with an insurance policy.
(c) A contract that has been funded with an insurance policy may
not subsequently be changed to be funded with cash.
(d) Unless a transaction occurs under section 15(a)(4) of this
chapter or the provisions of the contract permit otherwise, a new or
successor trustee or escrow agent may not qualify and serve as
trustee or escrow agent without the written consent of the purchaser
and the seller designated to provide services or merchandise subject
to a contract under this chapter.
As added by P.L.200-1991, SEC.1. Amended by P.L.241-1995,
SEC.9; P.L.52-1997, SEC.53; P.L.114-1999, SEC.11.
Last modified: May 27, 2006