Indiana § 21-35-6-5 - Liens
Full text of Indiana Indiana Code § 21-35-6-5 — Liens, with citation guidance and answers to common questions.
§ 21-35-6-5. Liens
Sec. 5. (a) The lien of a pledge or mortgage under section 4 of this chapter, as determined and provided by the board of trustees and as authorized by this chapter, shall be a first and primary lien for the payment of the bonds and the interest on the bonds. In authorizing the issuance of the revenue bonds for any particular property or properties, the board of trustees may:
(1) limit the amount of bonds that may be issued as a first lien and charge against the property or properties and the net income from the properties; or
(2) subsequently authorize the issuance periodically of additional obligations secured by the same lien:
(A) to provide funds for the completion of the property or properties on account of which the original bonds were issued;
(B) for any other purpose for which Vincennes University has authority to issue bonds; or
(C) for purposes of both clauses (A) and (B).
(b) Additional bonds:
(1) shall be issued on the terms and conditions that the board of trustees determines; and
(2) may be secured equally and ratably, without preference, priority, or distinction, with the original issue of bonds or may be made junior to the original bonds.
[Pre-2007 Higher Education Recodification Citation: 23-13-18-15(c).]
As added by P.L.2-2007, SEC.276. Amended by P.L.3-2008, SEC.143.
Frequently Asked Questions About Indiana § 21-35-6-5
What does Indiana Code § 21-35-6-5 cover?
Section 21-35-6-5 ("Liens") 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 § 21-35-6-5?
A common citation format is "Indiana Code § 21-35-6-5" (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 § 21-35-6-5 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.