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Can you summarize IC 28-14-3-4?
Powers and Duties > Loans
Short Summary
This section of the Indiana Code governs the powers and duties of corporate fiduciaries regarding loans. It authorizes corporate fiduciaries to lend money and hold real and personal property as security for loan repayment, subject to certain conditions. Corporate fiduciaries are allowed to make loans to fiduciary accounts they administer, as long as the governing document does not prohibit borrowing money and pledging account assets. The terms of such loans must be comparable to those available from other lenders. Additionally, corporate fiduciaries can make loans to directors, officers, or employees, provided that the loans are adequately secured. However, there are limitations on the total amount of loans that can be made to individuals and the aggregate amount of loans to directors, officers, and employees. Loans made under this section must be exclusively from corporate funds and cannot be made or secured using funds from a fiduciary account. This section was added to the Indiana Code by P.L.262-1995, SEC.90.
Whom does it apply to?
Corporate fiduciaries
What does it govern?
Loans
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Indiana