Ind. Code § 23-17-13-3
Loans to and guarantees of obligations of directors or officers
As added by P.L.179-1991, SEC.1.
(a) A corporation may not:
- (1) lend money to; or
(2) guarantee the obligation of;
a director or an officer of the corporation.
- (b) A loan or guaranty that is made in violation of this section does not affect the borrower's liability on the loan.
As added by P.L.179-1991, SEC.1.