Indiana Code 28-13-4-9. Parity of shareholder distribution with corporate indebtedness to unsecured creditors
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Terms Used In Indiana Code 28-13-4-9
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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.