Sec. 1.8. (a) Loans and extensions of credit secured by shipping documents or instruments transferring or securing title covering livestock or giving a lien on livestock when the market value of the livestock securing the obligation is not at any time less than one hundred fifteen percent (115%) of the face amount of the note covered are subject under this section, notwithstanding the collateral requirements set forth in section 1.5(b) of this chapter, to a maximum limitation equal to twenty-five percent (25%) of the capital and surplus.
(b) Loans and extensions of credit that arise from the discount by dealers in dairy cattle of paper given in payment for dairy cattle, which paper carries a full recourse endorsement or unconditional guarantee of the seller and that are secured by the cattle being sold, are subject under this section, notwithstanding the collateral requirements set forth in section 1.5(b) of this chapter, to a limitation of twenty-five percent (25%) of the capital and surplus.
As added by P.L.14-1992, SEC.90. Amended by P.L.141-2005, SEC.7.
Structure Indiana Code
Title 28. Financial Institutions
Article 1. Department of Financial Institutions
Chapter 13. Loans and Investments of Banks and Trust Companies
28-1-13-1.1. "Capital and Surplus" or "Unimpaired Capital and Unimpaired Surplus" Defined
28-1-13-1.2. "Loans and Extensions of Credit" Defined
28-1-13-1.6. Exceptions to Limitations on Loans or Extensions of Credit to One Borrower
28-1-13-1.7. Limit on Total Consumer Credit Obligation of One Borrower
28-1-13-7.1. State Chartered Banks; Real Estate Loans
28-1-13-8. Loans on Security of Own Shares; Acquisition of Shares; Disposition
28-1-13-11. Reduction of Existing Obligations Held in Excess of Limitations