Indebtedness to shareholder; priority

Ind. Code § 23-1-28-6
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
Sec. 6. A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with this chapter is at parity with the corporation's indebtedness to its general, unsecured creditors except to the extent subordinated by agreement. As added by P.L.149-1986, SEC.12.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/23Fetched: 10/17/2026

Starting a business in Indiana? Indiana LLC guide: costs and requirements