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.
Ind. Code § 23-1-28-6
Indebtedness to shareholder; priority
Known as the Indiana Business Corporation Law
The act spans §§ 23-1-17-1 to 23-1-55-3 (253 sections).
As added by P.L.149-1986, SEC.12.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.