Indiana Code 23-1-28-6. Indebtedness to shareholder; priority
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Terms Used In Indiana Code 23-1-28-6
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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.