"Loans Arising in Factoring"

  1. Law
  2. Indiana Code
  3. Taxation
  4. Taxation of Financial Institutions
  5. Definitions
  6. "Loans Arising in Factoring"

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Sec. 21. (a) "Loans arising in factoring" means:

(1) a loan or extension of credit secured by one (1) or more accounts receivable; or

(2) a sale of one (1) or more accounts receivable in which the purchaser has recourse against the seller for an uncollected accounts receivable.

(b) The term does not refer to:

(1) a sale of one (1) or more accounts receivable without recourse; or

(2) an assignment of an account receivable.

As added by P.L.146-2020, SEC.31.


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