§ 28-1-3.1-11 — Rejection of executory contracts and leases

Indiana § 28-1-3.1-11

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 3.1: Liquidation of Financial Institutions

Text

(a) Within one hundred eighty (180) days
of the date that the department has taken possession, the receiver may,
at his election, reject:
(1) any executory contract to which the closed financial institution
is a party without any further liability to the closed financial
institution or the receiver; or
(2) any obligation of the financial institution as a lessee of real or
personal property.
The receiver's election to reject a lease shall create no claim for rent
other than rent accrued to the date of termination or for actual damages,
if any, for the termination not to exceed the equivalent of payment of
rent for six (6) months.
(b) If the Federal Deposit Insurance Corporation is the receiver,
compliance with this section is not required.

Legislative History

As added by P.L.141-1984, SEC.2. Amended by P.L.35-2010, SEC.106.