Indiana § 23-17-7-8 Creditor's proceedings; liability of members; prerequisites; intervention
and joinder

Indiana Statutes

§ 23-17-7-8 — Creditor's proceedings; liability of members; prerequisites; intervention and joinder

Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 17 NONPROFIT CORPORATIONS·Ch. 7 Members; Admission; Types of Memberships; Rights

(a)A proceeding may not be brought by a creditor to reach or apply the liability, if any, of a member to the corporation unless:

(1)final judgment has been rendered in favor of the creditor against the corporation and execution has been returned unsatisfied in whole or in part;

(2)the corporation has been adjudged bankrupt or a receiver has been appointed with the power to collect debts that a receiver on demand of a creditor to bring a proceeding has refused to do; or

(3)the corporation has been dissolved leaving debts unpaid. However, a proceeding may not be brought more than three (3) years after the happening of any of the events described in this subsection.

(b)Creditors of the corporation, with or without reducing the creditor's claims to judgment, may intervene in any creditor'

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(a) A proceeding may not be brought by a
creditor to reach or apply the liability, if any, of a member to the
corporation unless:
(1) final judgment has been rendered in favor of the creditor
against the corporation and execution has been returned
unsatisfied in whole or in part;
(2) the corporation has been adjudged bankrupt or a receiver has
been appointed with the power to collect debts that a receiver on
demand of a creditor to bring a proceeding has refused to do; or
(3) the corporation has been dissolved leaving debts unpaid.
However, a proceeding may not be brought more than three (3) years
after the happening of any of the events described in this subsection.
(b) Creditors of the corporation, with or without reducing the
creditor's claims to judgment, may intervene in any creditor's
proceeding brought under subsection (a) to reach and apply unpaid
amounts due the corporation. Members who owe amounts to the
corporation may be joined in the proceeding.

Indiana § 23-17-7-8 (Creditor's proceedings; liability of members; prerequisites; intervention and joinder) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.