Ind. Code § 5-1.5-7-2

Current through P.L. 171-2024

Section 5-1.5-7-2 - Default; appointment of trustee to represent holders of notes or bonds

If the bank:

(1) defaults in the payment of principal or interest on an issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for thirty (30) days; or

(2) fails or refuses to comply with this article or defaults in an agreement made with the holders of an issue of notes or bonds;

and there is no trustee under a trust agreement, then the holders of twenty-five percent (25%) in the aggregate principal amount of the outstanding notes or bonds of that issue, by instrument filed in the office of the clerk of Marion County and executed in the same manner as a deed to be recorded, may appoint a trustee to represent the holders of those notes or bonds for the purposes provided in this article.

IC 5-1.5-7-2

As added by P.L. 25-1984, SEC.1.