Indiana § 23-17-20-1 Disposal and encumbrance of property

Indiana Statutes

§ 23-17-20-1 — Disposal and encumbrance of property

Indiana § 23-17-20-1

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 17NONPROFIT CORPORATIONS

Ch. 20Sale of Assets

This text of Indiana § 23-17-20-1 (Disposal and encumbrance of property) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 23-17-20-1 (2026).

Text

(a)A corporation may, on the terms and conditions and for the consideration determined by the board of directors, do the following:

(1)Sell, lease, exchange, or otherwise dispose of all, or substantially all, of the corporation's property in the usual and regular course of the corporation's activities.

(2)Mortgage, pledge, dedicate to the repayment of indebtedness, with or without recourse, or otherwise encumber the corporation's property whether or not in the usual and regular course of the corporation's activities.

(b)Unless articles of incorporation require approval of the members or any other person of a transaction described in subsection (a) is not required.

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(a) A corporation may, on the terms and
conditions and for the consideration determined by the board of
directors, do the following:
(1) Sell, lease, exchange, or otherwise dispose of all, or
substantially all, of the corporation's property in the usual and
regular course of the corporation's activities.
(2) Mortgage, pledge, dedicate to the repayment of indebtedness,
with or without recourse, or otherwise encumber the corporation's
property whether or not in the usual and regular course of the
corporation's activities.
(b) Unless articles of incorporation require approval of the members
or any other person of a transaction described in subsection (a) is not
required.