Sec. 9. A corporation's indebtedness to a shareholder incurred by reason of a distribution made in accordance with this chapter is on a parity with the corporation's indebtedness to the corporation's general, unsecured creditors except to the extent subordinated by agreement.
Ind. Code § 28-13-4-9
Parity of shareholder distribution with corporate indebtedness to unsecured creditors
As added by P.L.14-1992, SEC.163.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.