28-13-4-9. Parity of shareholder distribution with corporate indebtedness to unsecured creditors

IN Code § 28-13-4-9 (2019) (N/A)
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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.

As added by P.L.14-1992, SEC.163.