23-1-28-6. Indebtedness to shareholder; priority

IN Code § 23-1-28-6 (2019) (N/A)
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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.

As added by P.L.149-1986, SEC.12.