Indiana Code 26-2-9-4. Claims and defenses arising from credit agreements; writing required
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Sec. 4. (a) A debtor may assert:
(2) a defense to a claim;
(1) a claim for legal or equitable relief; or
Terms Used In Indiana Code 26-2-9-4
- credit agreement: means an agreement to:
Indiana Code 26-2-9-1
- creditor: means :
Indiana Code 26-2-9-2
- debtor: means a person who:
Indiana Code 26-2-9-3
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
arising from a credit agreement only if the credit agreement at issue satisfies the requirements set forth in subsection (b).
(b) A debtor may assert a claim or defense under subsection (a) only if the credit agreement at issue:
(1) is in writing;
(2) sets forth all material terms and conditions of the credit agreement, including the loan amount, rate of interest, duration, and security; and
(3) is signed by the creditor and the debtor.
[Pre-2002 Title 32 Recodification Citation: 32-2-1.5-4.]
As added by P.L.2-2002, SEC.79. Amended by P.L.10-2006, SEC.26 and P.L.57-2006, SEC.26; P.L.76-2011, SEC.2.