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26-2-9-4. Claims and defenses arising from credit agreements; writing required

IN Code § 26-2-9-4 (2019) (N/A)
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Sec. 4. (a) A debtor may assert:

(1) a claim for legal or equitable relief; or

(2) a defense to a claim;

arising from a credit agreement only if the credit agreement at issue satisfies the requirements set forth in subsection (b).

(b) A debtor may assert a claim or defense under subsection (a) only if the credit agreement at issue:

(1) is in writing;

(2) sets forth all material terms and conditions of the credit agreement, including the loan amount, rate of interest, duration, and security; and

(3) is signed by the creditor and the debtor.

[Pre-2002 Title 32 Recodification Citation: 32-2-1.5-4.]

As added by P.L.2-2002, SEC.79. Amended by P.L.10-2006, SEC.26 and P.L.57-2006, SEC.26; P.L.76-2011, SEC.2.

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