Indiana Code 27-9-3.1-17. Avoidance of transfer by receiver
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Sec. 17. Notwithstanding IC 27-9-3 and this chapter, a receiver may not avoid a transfer of money or other property arising in connection with:
(2) a pledge, security, collateral, reimbursement, guarantee agreement, or similar security agreement; or
(1) a netting agreement or qualified financial contract;
Terms Used In Indiana Code 27-9-3.1-17
- Contract: A legal written agreement that becomes binding when signed.
- netting agreement: means a new agreement that:
Indiana Code 27-9-3.1-6
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- qualified financial contract: means a commodity contract, forward contract, repurchase agreement, securities contract, swap agreement, or a similar agreement, as determined by the commissioner. See Indiana Code 27-9-3.1-7
(3) an arrangement or credit enhancement relating to a netting agreement or qualified financial contract;
made before the commencement of a formal delinquency proceeding under IC 27-9-3. However, a receiver may avoid a transfer made with actual intent to hinder, delay, or defraud the insurer, the insurer’s receiver, or creditors.
As added by P.L.11-2011, SEC.36.