Sec. 7. With the prior approval of the department, a conservator appointed under this chapter may borrow money as necessary or expedient to aid in the operation or reorganization of the corporate fiduciary. Any loan obtained by the conservator under this section may be secured by the pledge or mortgage of, or through a lien upon or security interest in, any assets:
(1) belonging to the corporate fiduciary; and
(2) not held in trust for the benefit of another person.
As added by P.L.10-2006, SEC.78 and P.L.57-2006, SEC.78.
Structure Indiana Code
Title 28. Financial Institutions
Article 14. Corporate Fiduciaries
Chapter 7.5. Conservatorship of Corporate Fiduciaries
28-14-7.5-1. Application of Chapter
28-14-7.5-2. Applications of Definitions
28-14-7.5-3. Appointment of Conservator; Bond or Security
28-14-7.5-4. Reimbursement of Department; Administrative Expenses; Payment From Assets
28-14-7.5-7. Loans in Aid of Operation or Reorganization; Security
28-14-7.5-8. Termination of Conservatorship; Appointment of Receiver; Liquidation