Indiana § 28-1-12-6 Liquidation preferences

Indiana Statutes

§ 28-1-12-6 — Liquidation preferences

Indiana § 28-1-12-6

Art. 1DEPARTMENT OF FINANCIAL INSTITUTIONS

Ch. 12Regulation of Bank and Trust Company Fiduciaries

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Bluebook

Ind. Code § 28-1-12-6 (2026).

Text

Upon the liquidation of any bank or trust
company or corporate fiduciary while it is acting as guardian, trustee,
receiver, administrator, executor, commissioner, or assignee for the
benefit of creditors the person or persons beneficially entitled to
receive property or proceeds thereof held by it, or any successor
fiduciary that may be appointed, shall have preference and priority in
all assets of such bank or trust company or corporate fiduciary over its
general creditors, for all uninvested money held by such bank or trust
company or corporate fiduciary in the fiduciary capacities above
named, to the extent that such money is commingled with its general
assets or is not duly accounted for.
Formerly: Acts 1933, c.40, s.192; Acts 1937, c.33, s.25. As
amended by P.L.262-1995, SEC.32.

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Upon the liquidation of any bank or trust
company or corporate fiduciary while it is acting as guardian, trustee,
receiver, administrator, executor, commissioner, or assignee for the
benefit of creditors the person or persons beneficially entitled to
receive property or proceeds thereof held by it, or any successor
fiduciary that may be appointed, shall have preference and priority in
all assets of such bank or trust company or corporate fiduciary over its
general creditors, for all uninvested money held by such bank or trust
company or corporate fiduciary in the fiduciary capacities above
named, to the extent that such money is commingled with its general
assets or is not duly accounted for.
Formerly: Acts 1933, c.40, s.192; Acts 1937, c.33, s.25. As
amended by P.L.262-1995, SEC.32.