Sec. 10. (a) Upon the termination of a written or an unwritten
contract between a
retailer and a wholesaler, manufacturer, or distributor of
farm or industrial machinery under which the retailer had agreed to maintain an
inventory, the wholesaler, manufacturer, or distributor shall repurchase the inventory of the retailer under section 11 of this chapter.
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Terms Used In Indiana Code 15-12-3-10
- Contract: A legal written agreement that becomes binding when signed.
- Conviction: A judgement of guilt against a criminal defendant.
- farm or industrial machinery: means any of the following:
Indiana Code 15-12-3-4
- inventory: means farm or industrial machinery held by a retailer. See Indiana Code 15-12-3-5
- retailer: means a person engaged in the business of selling, at retail, farm or industrial machinery. See Indiana Code 15-12-3-8
(c) The requirement under subsection (a) that a wholesaler, manufacturer, or distributor repurchase inventory does not apply when a contract is terminated based upon:
(1) the conviction of the retailer (or a principal owner or operator of the retailer) of an offense involving theft, dishonesty, or false statement; or
(2) a fraudulent misrepresentation by the retailer to the wholesaler, manufacturer, or distributor that is material to the contract.
[Pre-2008 Recodification Citation: 15-7-7-10.]
As added by P.L.2-2008, SEC.3.
