Ind. Code § 27-1-20-7
This is the official text of Ind. Code § 27-1-20-7, 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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Withdrawal from deposit to pledge for loan; effect; redeposit
Official statutory text
Sec. 7. Nothing in this article shall prevent a life insurance company, with the commissioner's consent, from withdrawing investments from deposit for the purpose of pledging them for a loan or loans, in which case the difference between the deposit value of such investments and the amount of the obligation or obligations thereby secured shall, unless and until such pledge is foreclosed, continue as a deposit credit, and when such investments are offered for deposit they shall be reinstated in all respects to their former status as a deposit.
Formerly: Acts 1935, c.162, s.254. As amended by P.L.252-1985, SEC.89.
Formerly: Acts 1935, c.162, s.254. As amended by P.L.252-1985, SEC.89.
Status: in_force · Read it on the official government site
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