Indiana § 5-28-29-26 - Reserve fund; corporation control
Full text of Indiana Indiana Code § 5-28-29-26 — Reserve fund; corporation control, with citation guidance and answers to common questions.
§ 5-28-29-26. Reserve fund; corporation control
Sec. 26. (a) All money credited to the reserve fund is under the exclusive control of the corporation. The corporation may not withdraw money from the reserve fund, except as specifically provided in this chapter.
(b) If money in the reserve fund is not deposited by the corporation in an account with the lender, the money must be invested or reinvested by the corporation in one (1) of the following:
(1) Direct obligations of the United States, the principal and interest of which are unconditionally guaranteed by the United States.
(2) A deposit account at a depository institution whose deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Administration.
(c) All interest earned in a reserve fund account shall be credited to that account. Fifty percent (50%) of the interest earned may be withdrawn by the corporation from that account and used for any purpose.
As added by P.L.162-2007, SEC.24.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 5-28-29-26
What does Indiana Code § 5-28-29-26 cover?
Section 5-28-29-26 ("Reserve fund; corporation control") 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 § 5-28-29-26?
A common citation format is "Indiana Code § 5-28-29-26" (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 § 5-28-29-26 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.