Indiana Code 15-12-3-16. Repurchase after death, incapacity, or insolvency
(1) is an individual who dies or is incapacitated; or
Terms Used In Indiana Code 15-12-3-16
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- 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
the retailer’s heirs, personal representative, guardian, or receiver may compel a wholesaler, manufacturer, or distributor to repurchase the retailer’s inventory under this chapter as if the retailer’s contract had terminated.
(b) The retailer’s heirs, personal representative, guardian, or receiver must exercise the right provided by this section not later than one hundred eighty (180) days after the retailer’s death, incapacitation, or insolvency. However, this section does not require the repurchase of inventory if the heirs, personal representative, guardian, or receiver enters into a new contract with the wholesaler, manufacturer, or distributor.
[Pre-2008 Recodification Citation: 15-7-7-16.]
As added by P.L.2-2008, SEC.3.