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2021 Indiana Code
Title 27. Insurance
Article 9. Supervision; Rehabilitation; Liquidation
Chapter 3.1. Treatment of Certain Agreements
27-9-3.1-11. "Walkaway Clause"
Universal Citation:
IN Code § 27-9-3.1-11 (2021)
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Sec. 11. As used in this chapter, "walkaway clause" means a provision in a netting agreement or qualified financial contract that, after calculation of the value of a party's position or an amount due to or from a party under the netting agreement or qualified financial contract upon termination, liquidation, or acceleration of the netting agreement or qualified financial contract, either:
(1) does not create a payment obligation of a party; or
(2) voids any part of a payment obligation of a party;
solely because of the party's status as a nondefaulting party.
As added by P.L.11-2011, SEC.36.
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