Parity of Shareholder Distribution With Corporate Indebtedness to Unsecured Creditors

  1. Law
  2. Indiana Code
  3. Financial Institutions
  4. Corporate Governance
  5. Dividends and Other Distributions
  6. Parity of Shareholder Distribution With Corporate Indebtedness to Unsecured Creditors

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Sec. 9. A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with this chapter is on a parity with the corporation's indebtedness to the corporation's general, unsecured creditors except to the extent subordinated by agreement.

As added by P.L.14-1992, SEC.163.


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