Sec. 6. No business trust shall transact any business in this state, except such as may be incident to its organization, until it has fully complied with sections 4 and 5 of this chapter, and in event of any violation of this section, all trustees of such business trust, except those who filed their written dissent in the office of the secretary of state before such business was transacted, shall be jointly and severally liable for all debts and obligations of the business trust arising from the business so transacted in this state prior to compliance with sections 4 and 5 of this chapter.
Formerly: Acts 1963, c.353, s.6. As amended by P.L.34-1987, SEC.327.
Structure Indiana Code
Title 23. Business and Other Associations
Article 5. Other Business Associations
Chapter 1. Indiana Business Trust Act
23-5-1-3. Business Trust Created Prior to Chapter
23-5-1-4. Required Filings; Recordation
23-5-1-5. Application and Filing Fees
23-5-1-6. Conditions Precedent to Beginning Business; Liability for Violations
23-5-1-7. Amendments to Trust Instruments; Filing; Fees; Recordation
23-5-1-8. Powers; Construction of Instruments; Terms and Conditions; Binding Effect
23-5-1-9. Applicability of General Corporate Laws
23-5-1-9.1. Adoption of Provisions of General Corporate Law
23-5-1-10.1. Biennial Report; Fee
23-5-1-11. Surrender of Authority to Transact Business; Closing Out Business; Effect of Withdrawal