Indiana Code 15-12-3-15. Civil liability
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Sec. 15. A wholesaler, manufacturer, or distributor that fails or refuses to repurchase inventory as required under this chapter within ninety (90) days after the termination of a contract is liable in a civil action to the retailer for:
(2) one hundred percent (100%) of the net cost of all other inventory;
(1) one hundred percent (100%) of the current net price of repair parts;
Terms Used In Indiana Code 15-12-3-15
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Contract: A legal written agreement that becomes binding when signed.
- current net price: means :
Indiana Code 15-12-3-3
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- inventory: means farm or industrial machinery held by a retailer. See Indiana Code 15-12-3-5
- net cost: means :
Indiana Code 15-12-3-6
- retailer: means a person engaged in the business of selling, at retail, farm or industrial machinery. See Indiana Code 15-12-3-8
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) the retailer’s reasonable attorney‘s fees;
(4) court costs; and
(5) interest on the amounts determined under subdivisions (1) through (2), computed at a simple interest rate that is set by the court at not less than six percent (6%) per year and not more than ten percent (10%) per year, and beginning to accrue on the sixty-first day after the termination of the contract.
[Pre-2008 Recodification Citation: 15-7-7-15.]
As added by P.L.2-2008, SEC.3.