Statutes, codes, and regulations
Indiana Code
Title 28 - FINANCIAL INSTITUTIONSArticle 13 - CORPORATE GOVERNANCE
Chapter 4 - DIVIDENDS AND OTHER DISTRIBUTIONS
Section 28-13-4-9 - Parity of shareholder distribution with corporate indebtedness to unsecured creditors

Ind. Code § 28-13-4-9

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Current through P.L. 171-2024
Section 28-13-4-9 - Parity of shareholder distribution with corporate indebtedness to unsecured creditors

A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with this chapter is on a parity with the corporation's indebtedness to the corporation's general, unsecured creditors except to the extent subordinated by agreement.

IC 28-13-4-9

As added by P.L. 14-1992, SEC.163.