Ind. Code § 26-4-6-1
Restrictions on use of fund; nonseverability of provision
Indiana · Indiana Code Title 26 — Commercial Law · Status: effective
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- Citation
- Ind. Code § 26-4-6-1, Restrictions on use of fund; nonseverability of provision, Indiana, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1661289
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Full text
Sec. 1.
(a) The money in the fund:
(1) is not available for any purpose other than the payment of claims approved by the board or refunds to producers who do not want to participate in the fund; and
(2) may not be transferred to any other fund.
(b) The limiting and nontransferability provision of subsection (a) is declared to be nonseverable from the whole of this article. If subsection (a) is held to be invalid, repealed, or substantially amended, this article shall immediately become invalid and the money remaining in the fund shall be distributed to participants in the fund in a manner that is proportional to the amount of producer premiums each producer paid to the fund.