Indiana Code 5-28-29-16. Corporation has no legal or equitable interest; consent of corporation unnecessary to amend documents
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Terms Used In Indiana Code 5-28-29-16
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- 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
- lender: means :
Indiana Code 5-28-29-9
- program: refers to the capital access program created by this chapter. See Indiana Code 5-28-29-11
Sec. 16. Except upon the exercise of the corporation‘s right of subrogation under section 32 of this chapter, the corporation has no legal or equitable interest in any collateral, security, or other right of recovery in connection with any loan enrolled in the program, and the corporation’s consent is not necessary for any amendment to the lender‘s loan documents.
As added by P.L.162-2007, SEC.24.