Indiana Code 5-28-29-27. Reserve fund; corporation pledges
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Sec. 27. The corporation shall pledge the following to the lender:
(2) The lender will have a first security interest in the money in the reserve fund to pay the claims.
(1) The money in the reserve fund will be available to pay claims under section 29 of this chapter.
Terms Used In Indiana Code 5-28-29-27
- 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.
- lender: means :
Indiana Code 5-28-29-9
- reserve fund: means an account established by the corporation with funds accumulated under this chapter and to cover claims made by the lender under this chapter. See Indiana Code 5-28-29-12
(3) The corporation will not encumber or pledge the money to any other party.
As added by P.L.162-2007, SEC.24.