Sec. 23. (a) Despite the issuance of a certificate of dissolution of a district under section 22 of this chapter, all contracts to which the district is a party remain in force and effect for the period provided in the contracts.
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Terms Used In Indiana Code 14-32-6.5-23
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
(1) is substituted for the district as party to the contracts;
(2) is entitled to all benefits and subject to all liabilities under the contracts; and
(3) has the same right and obligation under the contracts as the district would have had to:
(A) perform;
(B) require performance;
(C) sue and be sued; and
(D) modify or terminate the contracts by mutual consent or otherwise.
As added by P.L.136-1997, SEC.35.
