IC 5-28-29-27: Reserve fund; corporation pledges

Sec. 27. The corporation shall pledge the following to the lender:

(1) The money in the reserve fund will be available to pay claims under section 29 of this chapter.

(2) The lender will have a first security interest in the money in the reserve fund to pay the claims.

(3) The corporation will not encumber or pledge the money to any other party.