Sec. 6. A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with this chapter is at parity with the corporation's indebtedness to its general, unsecured creditors except to the extent subordinated by agreement.
As added by P.L.149-1986, SEC.12.
Structure Indiana Code
Title 23. Business and Other Associations
Article 1. Indiana Business Corporation Law
Chapter 28. Distributions to Shareholders
23-1-28-2. Record Date, Declaration Date, and Payment Date
23-1-28-3. Prohibited Distributions
23-1-28-4. Basis for Determination That Distribution Not Prohibited