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

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.