Mortgage bonds issued by a lessor corporation that are a first lien on the leased property are legal and proper investments for state banks and trust companies, insurance companies, and fiduciaries. The bonds may be callable, with or without premiums, with accrued and unpaid interest upon notice provided in the mortgage indenture.(b) All bonds and other securities issued by the lessor corporation must be advertised and sold in accordance with IC 5-1-11 at any interest rate.(c) The approval of the securities division of the secretary of state is not required in connection with the issuance and sale of bonds or other securities of a municipal corporation.[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-10-11.]As added by P.L.1-2005, SEC.49. Amended by P.L.42-2018, SEC.56.
Indiana Legal Code