Ind. Code § 28-13-11-10
Unlawful distribution; liability of director; right to contribution
Indiana · Indiana Code Title 28 — Financial Institutions · Status: effective
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- Ind. Code § 28-13-11-10, Unlawful distribution; liability of director; right to contribution, Indiana, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1667079
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Full text
Sec. 10.
(a) Subject to section 5 of this chapter, a director who votes for or assents to a distribution made in violation of this article or the articles of incorporation is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating this article or the articles of incorporation.
(b) A director held liable for an unlawful distribution under subsection (a) is entitled to contribution:
(1) from every other director who voted for or assented to the distribution, subject to section 5 of this chapter; and
(2) from each shareholder for the amount the shareholder accepted.