Indiana Code 15-12-1-34. Marketing contracts
(1) all or any specified part of the members’ agricultural products; or
Terms Used In Indiana Code 15-12-1-34
- agricultural products: includes horticultural, viticultural, forestry, dairy, livestock, grain, poultry, bee, and any other farm product. See Indiana Code 15-12-1-3
- association: means any corporation organized under or governed by this chapter. See Indiana Code 15-12-1-4
- Contract: A legal written agreement that becomes binding when signed.
- member: means the following:
Indiana Code 15-12-1-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
exclusively to or through the association or any facilities to be created by the association.
(b) If a member contracts a sale to the association, it shall be conclusively held that title to the products passes absolutely and unreservedly, except for recorded liens, to the association:
(1) upon delivery; or
(2) at any other specified time, if expressly and definitely agreed in the contract.
(c) A contract authorized under this section may provide that the association may:
(1) sell or resell the products delivered by the association’s members, with or without taking title to the products; and
(2) pay over to the association’s members the resale price, with or without pooling, actual or proportionate, after deducting all necessary selling, overhead, and other costs and expenses, including:
(A) interest on preferred stock, not exceeding eight percent (8%) per year;
(B) reserves for retiring the stock, if any;
(C) other proper reserves;
(D) interest not exceeding eight percent (8%) per year on common stock; and
(E) any other deductions specified in the contract.
[Pre-2008 Recodification Citation: 15-7-1-15.]
As added by P.L.2-2008, SEC.3.