79-11-282 - Restrictions on corporate loans; borrower's liability.
§ 79-11-282. Restrictions on corporate loans; borrower's liability.
(1) A corporation may not lend money to or guarantee the obligation of a director or officer of the corporation.
(2) The fact that a loan or guarantee is made in violation of this section does not affect the borrower's liability on the loan.
Sources: Laws, 1988, ch. 417, § 6, eff from and after July 1, 1988.