Indiana Code 23-2-2.5-27. Fraud or deceit unlawful
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Terms Used In Indiana Code 23-2-2.5-27
- Commissioner: means the Indiana securities commissioner under IC 23-19-6-1(a). See Indiana Code 23-2-2.5-1
- deceit: includes any misrepresentation in any manner of a material fact, any promise or representation or prediction as to the future not made honestly or in good faith, or the failure or omission to state a material fact necessary to make the statements made, in the light of the circumstances under which they were made, not misleading. See Indiana Code 23-2-2.5-1
- Franchise: includes a contract whereby the franchisee is granted the right to sell franchises on behalf of the franchisor. See Indiana Code 23-2-2.5-1
- Fraud: Intentional deception resulting in injury to another.
- State: includes a territory or possession of the United States, the District of Columbia, and Puerto Rico. See Indiana Code 23-2-2.5-1
Sec. 27. It is unlawful for any person in connection with the offer, sale or purchase of any franchise, or in any filing made with the commissioner, directly or indirectly: (1) to employ any device, scheme or artifice to defraud; (2) to make any untrue statements of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of circumstances under which they are made, not misleading; or (3) to engage in any act which operates or would operate as a fraud or deceit upon any person.
Formerly: Acts 1975, P.L.262, SEC.1.