Indiana Deposit bank holding / separate account

Deposit bank holding / separate account in Indiana

Indiana's security deposit chapter (IC 32-31-3, read in full) does not require a separate, trust or interest-bearing account for deposits. When a landlord sells the property, the seller stays liable for the deposit for 1 year after notifying the tenant of the sale unless the buyer notifies the tenant that it has taken on that liability and the seller transfers the deposit to the buyer. Statute text: "for one (1) year after giving notice of the conveyance, the landlord remains liable to the tenant for the security deposit" (Ind. Code §§ 32-31-3-1.1 to 32-31-3-19 (Security Deposits); § 32-31-3-19(a)).

Verified Source: Ind. Code §§ 32-31-3-1.1 to 32-31-3-19 (Security Deposits); § 32-31-3-19(a) · last checked 2026-10-19