Sec. 3.5. (a) A person purchasing an existing permit from another permit holder must submit an executed purchase agreement to the commission as part of the applicant’s request to transfer the ownership of the permit. The purchase agreement must include the following:

(1) The agreement must be signed by the applicant and the current permit holder.

contract signature

Ask a consumer protection question, get an answer ASAP!
Thousands of highly rated, verified consumer protection lawyers.
Help with credit card debt, collections, defective products
Get help with bankruptcy, filing complaints, extended warranties & more
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 7.1-3-24-3.5

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Personal property: All property that is not real property.
  • Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
(2) The agreement must provide detailed information regarding the purchase price and sale terms of the permit and other business assets, including the following:

(A) An itemization of all personal and real property being sold, detailing the sale terms and price for each item.

(B) If the personal property and real property are being purchased by different persons, the purchase agreement must identify the persons purchasing each item of personal property and real property.

(C) Any other information required by the commission.

     (b) A purchase agreement provided to the commission is confidential under IC 5-14-3 and may not be disclosed to the public except for the following information:

(1) The type of permit sold.

(2) The permit sale price.

(3) The jurisdiction (city, town, or county) in which the permit is located.

     (c) The commission shall maintain a publicly accessible data base of the information listed in subsection (b).

     (d) The commission shall review and consider an application for transfer of the permit and a purchase agreement before approving or denying the transfer application.

As added by P.L.285-2019, SEC.46.

  Previous section
Next section  
 Chapter 24 Contents