Ind. Code » Title 23
Indiana Code

Ind. Code § 23-1-44-3 (2026)

"Fair value"

✓ current as of May 2026
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     Sec. 3. As used in this chapter, "fair value", with respect to a dissenter's shares, means the value of the shares immediately before the effectuation of the corporate action to which the dissenter objects, excluding any appreciation or depreciation in anticipation of the corporate action unless exclusion would be inequitable.

As added by P.L.149-1986, SEC.28.

 

Notes of Decisions
Cited in 9 cases, 1995–2019 · leading case: Fleming v. Int'l Pizza Supply Corp., 676 N.E.2d 1051 (Ind. 1997).
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Fleming v. Int'l Pizza Supply Corp., 676 N.E.2d 1051 (Ind. 1997). · cites it 6× “Second, Fleming views the “fair value” definition in Ind.Code § 23-1-44-3 as entitling him to the value of his shares immediately prior to the asset sale, after the alleged wrongful depletion of the value of the business occurred.”
Lees Inns of Am., Inc. v. William R. Lee Irrevocable Trust, 924 N.E.2d 143 (Ind. Ct. App. 2010). · cites it 6× “I.C. § 23-1-44-3; Galligan v. Galligan, 741 N.”
Galligan v. Galligan, 741 N.E.2d 1217 (Ind. 2001). · cites it 6× “ming also noted that any claims that the corporation had disposed of assets for less than full value, or any other claim of injury to the corporation, could be asserted in the dissenters' rights valuation proceeding and be valued along with the other assets of the corporation:…”
Pueblo Bancorporation v. Lindoe, Inc., 63 P.3d 353 (Colo. 2003). · cites it 2× “2001); (8) Idaho—Idaho Code § 30-1-1301(3) (Michie 1999); (9) Indiana—Ind.Code Ann. § 23-1-44-3 (Michie 1999); (10) Kentucky—Ky.”
Williams v. 5300 Columbia Pike Corp., 891 F. Supp. 1169 (E.D. Va. 1995). “1301(2); Ind.Code § 23-1-44-3; Mich.Comp.Laws § 450.”
Young v. Gen. Acceptance Corp., 738 N.E.2d 1079 (Ind. Ct. App. 2000). “In part, this decision was based upon the right of a dissenting shareholder to obtain payment of the “fair value” of his or her shares: “the expression ‘corporate action to which the dissenter objects’ as used in Ind.Code 23-1-44-3 includes not only the merger .”
Joseph Hipps & Eugene Protz v. Biglari Holdings, Inc., Sardar Biglari, Philip L. Cooley, Ruth J. Person, Kenneth R. Cooper, James P. Mastrian, BH Merger Co., & NBHSA, Inc., 136 N.E.3d 629 (Ind. Ct. App. 2019). · cites it 4× “” Ind. Code § 23-1-44-3 . Court of Appeals of Indiana | Opinion 19A-CT-101 | December 4, 2019 Page 21 of 30 This section [Indiana Code Section 23-1-44-8] does not apply to the holders of shares of any class or series if, on the date fixed to determine the shareholders entitled…”
William R. Lee Irrevocable Trust v. Lee (In Re Lee), 898 F.3d 768 (7th Cir. 2018). “" See Ind. Code § 23-1-44-3 (1986) (defining "fair value" to exclude appreciation or depreciation in anticipation of the corporate action unless exclusion would be inequitable); Ind.”
William R. Lee Irrevocable Tru v. Lester L. Lee (7th Cir. 2018). “” See Ind. Code § 23-1-44-3 (1986) (defining “fair value” to exclude appreciation or depreciation in anticipation of the corporate action unless exclusion would be inequitable); Ind.”
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