Bill Text: IN SB0059 | 2011 | Regular Session | Amended

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Bill Title: Credit agreements.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Passed) 2011-05-18 - Effective 07/01/2011 [SB0059 Detail]

Download: Indiana-2011-SB0059-Amended.html

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February 1, 2011

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SENATE BILL No. 59

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DIGEST OF SB 59 (Updated January 27, 2011 11:36 am - DI 110)

Citations Affected: IC 26-2.

Synopsis: Credit agreements. Specifies that for purposes of the law governing credit agreements, a credit agreement includes an agreement to: (1) amend or modify a credit agreement; (2) enter into a new credit agreement; (3) forbear from exercising rights under a credit agreement; or (4) grant an extension under a credit agreement. Makes a technical correction. Repeals a provision made unnecessary by expanding the definition of "credit agreement".

Effective: July 1, 2011.

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Holdman, Grooms

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    January 5, 2011, read first time and referred to Committee on Insurance and Financial Institutions.
    January 31, 2011, reported favorably _ Do Pass.

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February 1, 2011

First Regular Session 117th General Assembly (2011)

PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2010 Regular Session of the General Assembly.

SENATE BILL No. 59

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    A BILL FOR AN ACT to amend the Indiana Code concerning commercial law.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 26-2-9-1; (11)SB0059.1.1. -->     SECTION 1. IC 26-2-9-1, AS AMENDED BY P.L.57-2006, SECTION 25, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 1. (a) As used in this chapter, "credit agreement" means an agreement to:
        (1) lend or forbear repayment of money, goods, or things in action;
        (2) otherwise extend credit; or
        (3) make any other financial accommodation.
    (b) The term includes an agreement to:
         (1) amend or modify an agreement;
         (2) enter into a new agreement;
        (3) forbear from exercising rights under an agreement; or
        (4) grant an extension under an agreement;
described in subsection (a).

SOURCE: IC 26-2-9-4; (11)SB0059.1.2. -->     SECTION 2. IC 26-2-9-4, AS AMENDED BY P.L.57-2006, SECTION 26, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 4. (a) A debtor may assert:

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        (1) a claim for legal or equitable relief; or
        (2) a defense in to a claim;
arising from a credit agreement only if the credit agreement at issue satisfies the requirements set forth in subsection (b).
    (b) A debtor may assert a claim or defense under subsection (a) only if the credit agreement at issue:
        (1) is in writing;
        (2) sets forth all material terms and conditions of the credit agreement, including the loan amount, rate of interest, duration, and security; and
        (3) is signed by the creditor and the debtor.

SOURCE: IC 26-2-9-5; (11)SB0059.1.3. -->     SECTION 3. IC 26-2-9-5 IS REPEALED [EFFECTIVE JULY 1, 2011].