Indiana § 5-28-5-15 Powers in the event of default

Indiana Statutes

§ 5-28-5-15 — Powers in the event of default

Indiana § 5-28-5-15

Title 5STATE AND LOCAL ADMINISTRATION

Art. 28INDIANA ECONOMIC DEVELOPMENT

Ch. 5General Powers

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Bluebook

Ind. Code § 5-28-5-15 (2026).

Text

The corporation may take assignments of
accounts receivable, loans, guarantees, insurance, notes, mortgages,
security agreements securing notes, and other forms of security, attach,
seize, or take title by foreclosure or conveyance to an economic
development project when a guaranteed loan on the economic
development project is clearly in default and when in the opinion of the
corporation such an acquisition is necessary to safeguard the industrial
development project guaranty fund, and sell, or on a temporary basis,
lease or rent the economic development project for any use.

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The corporation may take assignments of
accounts receivable, loans, guarantees, insurance, notes, mortgages,
security agreements securing notes, and other forms of security, attach,
seize, or take title by foreclosure or conveyance to an economic
development project when a guaranteed loan on the economic
development project is clearly in default and when in the opinion of the
corporation such an acquisition is necessary to safeguard the industrial
development project guaranty fund, and sell, or on a temporary basis,
lease or rent the economic development project for any use.