Indiana § 28-10-2-17 - LIBOR replacement date; recommended benchmark replacement as benchmark replacement by operation of law
Full text of Indiana Indiana Code § 28-10-2-17 — LIBOR replacement date; recommended benchmark replacement as benchmark replacement by operation of law, with citation guidance and answers to common questions.
§ 28-10-2-17. LIBOR replacement date; recommended benchmark replacement as benchmark replacement by operation of law
Sec. 17. (a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, becomes the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and that either:
(1) contains no fallback provisions; or
(2) contains fallback provisions that result in a benchmark replacement that:
(A) is not a recommended benchmark replacement; and
(B) is based in any way on any LIBOR value.
(b) After the occurrence of a LIBOR discontinuance event, any fallback provisions in a contract, security, or instrument that provide for a benchmark replacement based on or involving:
(1) a poll, survey, or inquiries for quotes or information concerning interbank lending rates; or
(2) any:
(A) interest rate; or
(B) dividend rate;
based on LIBOR;
shall be disregarded as if not included in the contract, security, or instrument, and are considered void and without any force or effect.
As added by P.L.67-2022, SEC.1.
Frequently Asked Questions About Indiana § 28-10-2-17
What does Indiana Code § 28-10-2-17 cover?
Section 28-10-2-17 ("LIBOR replacement date; recommended benchmark replacement as benchmark replacement by operation of law") 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 § 28-10-2-17?
A common citation format is "Indiana Code § 28-10-2-17" (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 § 28-10-2-17 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.