Indiana Code 36-1-9.5-40. Loan guarantees and commitments of applicant; effect upon net current assets
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Terms Used In Indiana Code 36-1-9.5-40
- applicant: means a contractor or the subcontractor who seeks to do business with an entity. See Indiana Code 36-1-9.5-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- entity: means the following:
Indiana Code 36-1-9.5-11
Sec. 40. If an applicant has guaranteed loans of any person or any entity, has used assets as security for the guaranteed loans, or has made other guarantees or commitments of activities of any person or any entity, an entity may reduce or adjust the applicant’s net current assets if the entity determines that the guaranteed loans other guarantees or commitments are significant when considered with the applicant’s statement of financial condition.
As added by P.L.85-1991, SEC.3.