Sec. 11. (a) An obligation of the program for losses on loans resulting from death, default, bankruptcy, or total or permanent disability of borrowers is not a debt of the state but is payable solely from the fund.

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 5-28-20-11

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • fund: refers to the small business development fund established by IC 5-28-18-7. See Indiana Code 5-28-20-2
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • program: refers to the small and minority business financial assistance program established by section 9 of this chapter. See Indiana Code 5-28-20-7
  • Statute: A law passed by a legislature.
     (b) The making of loans from the fund does not constitute the lending of credit by the state for purposes of any other statute or the Constitution of the State of Indiana.

As added by P.L.4-2005, SEC.34.

  Previous section
Next section  
 Chapter 20 Contents