Indiana Code 14-34-7-1. “Liabilities” defined
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Terms Used In Indiana Code 14-34-7-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Sec. 1. As used in this chapter, “liabilities” means obligations to transfer assets or provide services to other entities in the future as a result of past transactions. The term does not include amounts that are required to be recorded for financial accounting purposes under Statement of Financial Accounting Standards number 106 issued by the Financial Accounting Standards Board and effective December 1990.
[Pre-1995 Recodification Citation: 13-4.1-6.3-5.]
As added by P.L.1-1995, SEC.27. Amended by P.L.176-1995, SEC.11.