Indiana Code 21-35-3-18. Limitation on state or institutional liability for indebtedness
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Sec. 18. Indebtedness, a bond, or an obligation incurred or created under the authority of this chapter may not be or become a lien, charge, or liability against:
(2) the state educational institution issuing the bonds; or
(1) the state of Indiana;
Terms Used In Indiana Code 21-35-3-18
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) the property or funds of the state or the state educational institution issuing the bonds, except to the extent of the property or income authorized to be pledged or mortgaged.
[Pre-2007 Higher Education Recodification Citation: 20-12-8-3.]
As added by P.L.2-2007, SEC.276.