Sec. 27. The corporation shall pledge the following to the lender:
(1) The money in the reserve fund will be available to pay claims under section 29 of this chapter.
(2) The lender will have a first security interest in the money in the reserve fund to pay the claims.
(3) The corporation will not encumber or pledge the money to any other party.
As added by P.L.162-2007, SEC.24.
Structure Indiana Code
Title 5. State and Local Administration
Article 28. Indiana Economic Development Corporation
Chapter 29. Capital Access Program
5-28-29-2. "Amount"; "Proceeds"
5-28-29-4. "Capital Access Account"
5-28-29-10. "Passive Real Estate Ownership"
5-28-29-13. Establishment; Purpose
5-28-29-15. Lender Eligibility
5-28-29-18. Loan Enrollment; Lender Actions
5-28-29-19. Loan Enrollment; Corporation Actions
5-28-29-20. Loan Enrollment; Partial Coverage Under the Program
5-28-29-22. Effect of Zero Balances; Effect of Recovery Under the Bankruptcy Laws
5-28-29-23. Creation of Reserve Fund Accounts
5-28-29-24. Sufficient Funds Required
5-28-29-26. Reserve Fund; Corporation Control
5-28-29-27. Reserve Fund; Corporation Pledges
5-28-29-28. Reserve Fund; Transaction Reports; Records
5-28-29-30. Claims; Processing
5-28-29-31. Claims; Subsequent Lender Recovery
5-28-29-32. Claims; Subrogation