Indiana Code
Chapter 12. Board for Depositories
5-13-12-10. Subordination of Valid Security Agreement, Mortgage, Combinations Thereof, or Other Appropriate Document Securing Direct Obligations

Sec. 10. With regard to direct obligations of the Indiana finance authority that have been issued in conjunction with an economic development project undertaken by the authority, including those obligations that are guaranteed by the board under this chapter or purchased by the board under section 7(d)(8) of this chapter, the board may upon the request of the authority permit a subordination of any valid security agreement, mortgage, combinations thereof, or other appropriate document securing the direct obligations, if the board in its discretion determines that the subordination is reasonably necessary to accomplish the objectives of the economic development project.
As added by P.L.19-1987, SEC.14. Amended by P.L.11-1990, SEC.109; P.L.235-2005, SEC.83; P.L.189-2018, SEC.38.

Structure Indiana Code