Indiana § 21-16-4-14 - Default; procedures
Full text of Indiana Indiana Code § 21-16-4-14 — Default; procedures, with citation guidance and answers to common questions.
§ 21-16-4-14. Default; procedures
Sec. 14. Upon default by a borrower on a loan guaranteed under this chapter, and before the commencement of a suit or other enforcement proceedings upon security for the loan, the holder of the guaranteed loan obligation shall promptly notify the commission and the commission shall pay the holder of that loan as soon as the amount is determined. The commission shall determine the amount of loss in accordance with its rules; however, the amount of loss may not exceed the unpaid balance of the principal amount and the unpaid accrued interest.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-6(a).]
As added by P.L.2-2007, SEC.257.
Frequently Asked Questions About Indiana § 21-16-4-14
What does Indiana Code § 21-16-4-14 cover?
Section 21-16-4-14 ("Default; procedures") 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 § 21-16-4-14?
A common citation format is "Indiana Code § 21-16-4-14" (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 § 21-16-4-14 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.