Section 27-7-3.7-9 - Mortgage holder's right to receive proceeds from real estate transaction through funds electronically transferred to specified accountIf:
(1) the closing agent in a real estate transaction receives wired funds unconditionally held and irrevocably credited to the escrow account of the closing agent; and(2) a holder of a mortgage lien encumbering real estate so requests, as part of written closing instructions or a written payoff statement in advance of closing; the holder of the mortgage lien is entitled to receive its proceeds from the real estate transaction through funds electronically transferred to an account specified by the holder of the mortgage lien.
As added by P.L. 92-2009, SEC.1.