Indiana Code 28-7-1-17.5. Signature limits
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Terms Used In Indiana Code 28-7-1-17.5
- 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.
Sec. 17.5. The credit committee or loan officer may approve a line of credit, which shall establish a signature limit. Advances in excess of the signature limit shall be permitted if security is pledged to guarantee that amount in excess of the signature limit. Advances may be granted to each member within the limits of such extension of credit. Where a line of credit has been approved, no additional loan application or statement of purpose is required, provided the aggregate unsecured obligation does not exceed the signature limit.
As added by Acts 1977, P.L.294, SEC.10. Amended by P.L.263-1995, SEC.15.