Skip to main content
Find a Lawyer

Indiana Code Title 28. Financial Institutions § 28-10-2-17

Current as of January 02, 2024 | Updated by FindLaw Staff

Sec. 17. (a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, becomes the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and that either:

(1) contains no fallback provisions; or

(2) contains fallback provisions that result in a benchmark replacement that:

(A) is not a recommended benchmark replacement; and

(B) is based in any way on any LIBOR value.

(b) After the occurrence of a LIBOR discontinuance event, any fallback provisions in a contract, security, or instrument that provide for a benchmark replacement based on or involving:

(1) a poll, survey, or inquiries for quotes or information concerning interbank lending rates; or

(2) any:

(A) interest rate; or

(B) dividend rate;

based on LIBOR;

shall be disregarded as if not included in the contract, security, or instrument, and are considered void and without any force or effect.

Back to chapter list
Previous part of code Next part of code
Back to chapter list

Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-10-2-17 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-10-2-17/

Read this complete Indiana Code Title 28. Financial Institutions § 28-10-2-17 on Westlaw. Westlaw subscription required.

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Was this helpful?

Search all Indiana Codes

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About the Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to find an attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard