Ind. Code § 27-1-20-6
This is the official text of Ind. Code § 27-1-20-6, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Transfer of defaulted deposited securities to other depository under financial reorganization agreement; filing receipt; effect on deposit credit
Official statutory text
Sec. 6. If a life insurance company, in order to protect itself against loss on account of defaulted securities issued by a public or private corporation and deposited with the department in accordance with this article, enters into an agreement incidental to the financial reorganization of such corporation, and requiring a deposit of such securities with a committee or a depository designated in such agreement, such securities may be withdrawn from the deposit with the department and transferred to the committee or depository designated in such agreement without reducing the deposit credit of such company, provided that a proper receipt executed by the committee or depository be filed with the department within fifteen (15) days following the date such securities are withdrawn, or within such further period of time as the commissioner may in his discretion allow.
Formerly: Acts 1935, c.162, s.253. As amended by P.L.252-1985, SEC.88.
Formerly: Acts 1935, c.162, s.253. As amended by P.L.252-1985, SEC.88.
Status: reserved · Read it on the official government site
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