Sec. 3. As used in this chapter, "fair value", with respect to a dissenter's shares, means the value of the shares immediately before the effectuation of the corporate action to which the dissenter objects, excluding any appreciation or depreciation in anticipation of the corporate action unless exclusion would be inequitable.
Ind. Code § 23-1-44-3
"Fair value"
Known as the Indiana Business Corporation Law
The act spans §§ 23-1-17-1 to 23-1-55-3 (253 sections).
Applied in 5 court decisions — leading case Pueblo Bancorporation v. Lindoe, Inc. (2003)
Most recently applied in William R. Lee Irrevocable Trust v. Lee (In re Lee) (August 2018)
As added by P.L.149-1986, SEC.28.
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.