Section 28-10-2-17 - LIBOR replacement date; recommended benchmark replacement as benchmark replacement by operation of law(a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, becomes the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and that either: (1) contains no fallback provisions; or(2) contains fallback provisions that result in a benchmark replacement that: (A) is not a recommended benchmark replacement; and(B) is based in any way on any LIBOR value.(b) After the occurrence of a LIBOR discontinuance event, any fallback provisions in a contract, security, or instrument that provide for a benchmark replacement based on or involving: (1) a poll, survey, or inquiries for quotes or information concerning interbank lending rates; or(2) any:(B) dividend rate; based on LIBOR;
shall be disregarded as if not included in the contract, security, or instrument, and are considered void and without any force or effect.
Added by P.L. 67-2022,SEC. 1, eff. 3/10/2022.