Ind. Code § 27-9-3.1-11

Current through P.L. 171-2024

Section 27-9-3.1-11 - "Walkaway clause"

As used in this chapter, "walkaway clause" means a provision in a netting agreement or qualified financial contract that, after calculation of the value of a party's position or an amount due to or from a party under the netting agreement or qualified financial contract upon termination, liquidation, or acceleration of the netting agreement or qualified financial contract, either:

(1) does not create a payment obligation of a party; or

(2) voids any part of a payment obligation of a party;

solely because of the party's status as a nondefaulting party.

IC 27-9-3.1-11

Added by P.L. 11-2011, SEC. 36, eff. 7/1/2011.