Bulletin: IN2011002

Dear Associates:

This is an update on the note to be added to your title commitments, email, fax and other correspondence setting forth the requirements under state statute concerning Goods Funds in real estate transactions. In previous Bulletin IN2009001, the language to be added referred to House Enrolled Act (HEA) 1374 effective July 1, 2009. Please update the note to be added to your title commitments, email, fax and other correspondence to refer to the state statute concerning Good Funds as follows:

Note for information: Indiana Code 27-7-3.7-1 et seq. concerning Good Funds in real estate transactions requires funds deposited into an escrow account for closing from any party to the transaction in amounts over $10,000.00 to be in the form of an irrevocable wire transfer. Funds deposited into an escrow account for closing in an amount less than $10,000.00 must be in the form of cash, irrevocable wire transfer, cashier's check, certified check, check drawn on the escrow account of another closing agent or check drawn on the trust account of a real estate broker licensed under IC 25-34.1. Personal checks exceeding $500.00 will not be accepted.

If you have questions related to this bulletin, please contact your local underwriting personnel or Stewart Legal Services.

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