Indiana Code 15-12-3-14. Repurchase exceptions
(1) A repair part that has a limited storage life or is subject to deterioration, including rubber items, gaskets, batteries, solvents, and lubricants.
Terms Used In Indiana Code 15-12-3-14
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
(3) Inventory for which the retailer is unable to furnish evidence, satisfactory to the wholesaler, manufacturer, or distributor, of clear title, free and clear of all claims, liens, and encumbrances.
(4) Inventory that the retailer desires to keep, provided the retailer has a contractual right to keep the inventory.
(5) Inventory that is not in a new, unused, and undamaged condition.
(6) Inventory that was ordered by the retailer on or after the date of notification of termination of the contract.
(7) Inventory that was acquired by the retailer from a source other than the wholesaler, manufacturer, or distributor.
(8) Complete farm and industrial machinery, except repair parts, that was purchased at least thirty-six (36) months before the date of termination.
(9) A repair part that is in a broken or damaged package, if the package is necessary for the resale of the repair part to a customer by a retailer.
[Pre-2008 Recodification Citation: 15-7-7-14.]
As added by P.L.2-2008, SEC.3.