Indiana § 23-1-28-6 - Indebtedness to shareholder; priority
Full text of Indiana Indiana Code § 23-1-28-6 — Indebtedness to shareholder; priority, with citation guidance and answers to common questions.
§ 23-1-28-6. Indebtedness to shareholder; priority
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.
IC 23-1-29Chapter 29. Meetings of Shareholders
23-1-29-1Annual meetings; remote communication 23-1-29-2Special meetings, remote communication 23-1-29-3Court-ordered meetings 23-1-29-4Action taken without a meeting; consent of shareholders; notice to nonvoting shareholders 23-1-29-4.5Repealed 23-1-29-5Notice of meetings 23-1-29-6Waiver of notice 23-1-29-7Fixing of record date
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 23-1-28-6
What does Indiana Code § 23-1-28-6 cover?
Section 23-1-28-6 ("Indebtedness to shareholder; priority") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 23-1-28-6?
A common citation format is "Indiana Code § 23-1-28-6" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 23-1-28-6 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.