Indiana Code 23-13-12-1. Right to borrow; security for loan
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Indiana Code 23-13-12-1
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 1. Any incorporated university, college, academy, theological institution, or high school existing on November 1, 1851, under either a special charter or a general law, is hereby authorized to borrow money for the benefit and use of such corporation, and to secure the same by mortgage of any of the property, real or personal, of any such corporation.
Formerly: Acts 1855, c.60, s.1. As amended by P.L.34-1987, SEC.356.