Sec. 9. 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.
As added by P.L.14-1992, SEC.163.
Structure Indiana Code
Title 28. Financial Institutions
Article 13. Corporate Governance
Chapter 4. Dividends and Other Distributions
28-13-4-1. Power of Board of Directors to Make Distributions
28-13-4-2. Share Dividend or Distribution Dates of Record, Declaration, and Payment
28-13-4-4. Withdrawal of Capital Stock Prohibited
28-13-4-5. Impairment of Capital Prohibited; Maximum Dividend
28-13-4-9. Parity of Shareholder Distribution With Corporate Indebtedness to Unsecured Creditors