Indiana Code 5-1.2-7-6. Security; transactions with participating providers
Current as of: 2024 | Check for updates
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Sec. 6. Before exercising any of the powers conferred by section 5 of this chapter, the authority may:
(2) require any other type of security from the participating providers that the authority considers reasonable and necessary.
(1) require that the lease, installment purchase contract, or loan agreement involved be insured by a loan insurer, be guaranteed by a loan guarantor, or be secured by a letter of credit; and
Terms Used In Indiana Code 5-1.2-7-6
- Contract: A legal written agreement that becomes binding when signed.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
As added by P.L.189-2018, SEC.25.