Sec. 16. “Interest holder liability” means:

(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.
(A) solely by reason of the status of the person as an interest holder; or

(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.