Survey: Banking, Business, and Contract Law

Frank Sullivan, Jr.
Professor of Practice, IU McKinney School of Law
Justice, Indiana Supreme Court (1993-2012)

On April 21, Governor Eric Holcomb signed into law an enactment of the General Assembly that Secretary of State Connie Lawson called “the most farreaching revision of Indiana business laws in more than two decades.” The new act consolidates in a single place in the Indiana Code and harmonizes certain administrative provisions and provisions governing transactions that had previously been contained in five different business entity statutes. Although the new law does not bring about much substantive change, it contains an unprecedented amount of procedural simplification.

The Indiana General Assembly established the Indiana Business Law Survey Commission in 1988 to make recommendations for improvements to the state’s corporation and other business entity statutes. During the survey period, the Commission recommended and the Legislature enacted during its 2017 session an ambitious project to consolidate and harmonize provisions of our state’s five principal current business entity statutes. I will refer to the new law as the “Harmonization Act.” [Read entire article here]