CHAPTER 9. CREDIT AGREEMENTS
IC 26-2-9
Chapter 9. Credit Agreements
IC 26-2-9-1
"Credit agreement"
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 modify an agreement
described in subsection (a).
As added by P.L.2-2002, SEC.79. Amended by P.L.10-2006, SEC.25
and P.L.57-2006, SEC.25.
IC 26-2-9-2
"Creditor"
Sec. 2. As used in this chapter, "creditor" means:
(1) a bank, a savings bank, a trust company, a savings
association, a credit union, an industrial loan and investment
company, or any other financial institution regulated by any
agency of the United States or any state, including a consumer
finance institution licensed to make supervised or regulated
loans under IC 24-4.5;
(2) a person authorized to sell and service loans for the Federal
National Mortgage Association or the Federal Home Loan
Mortgage Corporation, issue securities backed by the
Government National Mortgage Association, make loans
insured by the United States Department of Housing and Urban
Development, make loans guaranteed by the United States
Department of Veterans Affairs, or act as a correspondent of
loans insured by the United States Department of Housing and
Urban Development or guaranteed by the United States
Department of Veterans Affairs; or
(3) an insurance company or its affiliates that extend credit
under a credit agreement with a debtor.
As added by P.L.2-2002, SEC.79.
IC 26-2-9-3
"Debtor"
Sec. 3. As used in this chapter, "debtor" means a person who:
(1) obtains credit under a credit agreement with a creditor;
(2) seeks a credit agreement with a creditor; or
(3) owes money to a creditor.
As added by P.L.2-2002, SEC.79.
IC 26-2-9-4
Claims and defenses arising from credit agreements; writing
required
Sec. 4. (a) A debtor may assert:
(1) a claim for legal or equitable relief; or
(2) a defense in 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.
As added by P.L.2-2002, SEC.79. Amended by P.L.10-2006, SEC.26
and P.L.57-2006, SEC.26.
IC 26-2-9-5
Debtor action against creditor; agreement requirements
Sec. 5. A debtor may bring an action upon an agreement with a
creditor to enter into a new credit agreement, amend or modify a
prior credit agreement, forbear from exercising rights under a prior
credit agreement, or grant an extension under a prior credit
agreement only if the agreement:
(1) is in writing;
(2) sets forth all the material terms and conditions of the
agreement; and
(3) is signed by the creditor and the debtor.
As added by P.L.2-2002, SEC.79.