Indiana Code
Chapter 3.1. Liquidation of Financial Institutions
28-1-3.1-11. Rejection of Executory Contracts and Leases

Sec. 11. (a) Within one hundred eighty (180) days of the date that the department has taken possession, the receiver may, at his election, reject:
(1) any executory contract to which the closed financial institution is a party without any further liability to the closed financial institution or the receiver; or
(2) any obligation of the financial institution as a lessee of real or personal property.
The receiver's election to reject a lease shall create no claim for rent other than rent accrued to the date of termination or for actual damages, if any, for the termination not to exceed the equivalent of payment of rent for six (6) months.
(b) If the Federal Deposit Insurance Corporation is the receiver, compliance with this section is not required.
As added by P.L.141-1984, SEC.2. Amended by P.L.35-2010, SEC.106.

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Structure Indiana Code

Indiana Code

Title 28. Financial Institutions

Article 1. Department of Financial Institutions

Chapter 3.1. Liquidation of Financial Institutions

28-1-3.1-1. Definitions

28-1-3.1-2. Authority of Department to Take Possession of Business and Property; Conditions; Duties of Department

28-1-3.1-3. Holding Business and Property Until Liquidation of Affairs

28-1-3.1-4. Notice; Entry of Cause; Hearing; Record; Rights and Liabilities of Persons Interested; Federal Deposit Insurance Corporation as Receiver

28-1-3.1-5. Receiver; Appointment; Vesting of Title to All Assets and Right to Terminate Affairs of Institution; Liens or Claims Against Property