§ 5-1-14-9 — Rights of owners of obligations not to be impaired

Indiana § 5-1-14-9

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 14: Miscellaneous Provisions

Text

(a) The general assembly covenants that it will
not adopt, amend, or repeal a statute in a way that impairs the rights
and remedies of the owners of obligations, until the obligations, interest
on the obligations, interest on an unpaid installment of interest, and all
costs and expenses in connection with an action or proceedings by or
on behalf of the owners are fully paid and discharged.
(b) An agency (as defined in IC 4-22-2-3) may not adopt, amend, or
repeal a rule under IC 4-22-2 in a way that impairs the rights and
remedies of the owners of obligations, until the obligations, interest on
the obligations, interest on an unpaid installment of interest, and all
costs and expenses in connection with an action or proceedings by or
on behalf of the owners are fully paid and discharged.

Legislative History

As added by P.L.2-1989, SEC.7.