Indiana § 28-3-1-2 - Sequence of payments; dissenting stockholders
Full text of Indiana Indiana Code § 28-3-1-2 — Sequence of payments; dissenting stockholders, with citation guidance and answers to common questions.
§ 28-3-1-2. Sequence of payments; dissenting stockholders
Sec. 2. Upon the filing and approval of such bond, the officers of any such bank, shall without delay, proceed with the liquidation of its business by first paying all of its depositors in full, and when all of such depositors have been paid in full, the holders of the capital stock of such bank shall appoint a committee of not more than three (3) persons to completely liquidate and pay all of its other liabilities, and to distribute all the remaining assets of said bank, share and share alike, to the owners of its capital in proportion to the shares of its capital stock respectively owned by them and then outstanding: Provided, however, that the owners of shares of its capital stock who did not approve of such liquidation shall, if they so demand, be paid the full par value of their shares within six (6) months from the time of the filing of such petition and such shares shall be cancelled and said owners shall not be entitled to any further share in any distribution of the assets of said bank.
Formerly: Acts 1943, c.39, s.2.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 28-3-1-2
What does Indiana Code § 28-3-1-2 cover?
Section 28-3-1-2 ("Sequence of payments; dissenting stockholders") 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 § 28-3-1-2?
A common citation format is "Indiana Code § 28-3-1-2" (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 § 28-3-1-2 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.