§ 4-11-1-1 — Loan greater than amount authorized by law; validity of security

The bonds, mortgages, notes, or other evidences
of debt, or instruments of writing, executed by any person or persons,
or that may hereafter be executed, for loans of money of any of the trust
or other funds of the state, authorized by law to be loaned, being the
same are hereby declared not to be invalid on account of the amount of
such loan being for a larger sum than was, is, or may be contemplated
or authorized by law, but the same are hereby declared to be as valid
and obligatory, in every respect, as if the loan for which the same are
executed had been for no greater amount than was, by law, in such case
contemplated or authorized.
Formerly: Acts 1855, c.54, s.1.