Indiana Code 23-0.6-1.5-16. “Interest holder liability”
Current as of: 2023 | Check for updates
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Sec. 16. “Interest holder liability” means:
(A) solely by reason of the status of the person as an interest holder; or
(1) personal liability for a liability of an entity that is imposed on a person:
Terms Used In Indiana Code 23-0.6-1.5-16
- 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.
(B) by the organic rules of the entity which make one (1) or more specified interest holders liable in their capacity as interest holders for all or specified liabilities of the entity; or
(2) an obligation of an interest holder under the organic rules of an entity to contribute to the entity.
As added by P.L.118-2017, SEC.6.