Parity of shareholder distribution with corporate indebtedness to unsecured creditors

Ind. Code § 28-13-4-9
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/28Fetched: 10/17/2026