Ind. Code § 27-9-3-28

Setoff of mutual debts or credits

Find cases: SyfertCases citing this section JustiaInd. Code CornellLII Search CasesGoogle Scholar

Sec. 28. (a) Mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this article shall be set off and only the balance shall be allowed or paid, except as provided in section 31(a) of this chapter.

(b) A setoff or counterclaim shall not be allowed in favor of any person where:

(1) the obligation of the insurer to the person would not at the date of the filing of a petition for liquidation entitle the person to share as a claimant in the assets of the insurer;

(2) the obligation of the insurer to the person was purchased by or transferred to the person with a view to its being used as a setoff; or

(3) the obligation of the person is to pay an assessment levied against the members or subscribers of the insurer, or is to pay a balance upon a subscription to the capital stock of the insurer, or is in any other way in the nature of a capital contribution.

As added by Acts 1979, P.L.255, SEC.1. Amended by P.L.29-1987, SEC.3; P.L.255-1995, SEC.10.

Notes of Decisions

Cited in 4 cases, 1992–1995 · leading case: Kemper Reinsurance Co. v. Corcoran

Sort: Relevance Newest Treatment

Kemper Reinsurance Co. v. Corcoran (1992) ny “…§ 38a-932; Haw Rev Stat §431:15-319 [b] [4]; Idaho Code § 41-3330 [2] [d]; Ind Code § 27-9-3-28 [b] [4]; Iowa Code Annot § 507C.30 [2] [d]; Ky Rev Stat Annot § 304.33-330 [2] [d]; Minn Stat Annot § 60B.34 [2] [d]; Mont Code Annot § 33-2-1359 [2] [d]; NH Rev Stat Annot §…”

Frontier Insurance Service, Inc. v. State ex rel. Gates (1993) nev · cites it 2× “Therefore, we conclude that Ind. Code Ann. § 27-9-3-28 , governing setoffs, rather than Contrail, controls this dispute.”

Frontier Ins. Serv. v. STATE, COM'R INS. (1993) nev · cites it 2× “Therefore, we conclude that Ind.Code Ann. § 27-9-3-28, governing setoffs, *332 rather than Contrail, controls this dispute.”

Albany Insurance Co. v. Stephens (1995) kyctapp “§ 431:15-319[b][4]; Idaho Code § 41 — 3330[2][d]; Ind.Code § 27-9-3-28[b][4]; Iowa Code Annot.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.