Sec. 13. (a) The actual or purported transfer or assignment, or the assisting, causing, or arranging of an actual or purported transfer or assignment, of a right or an interest in a
vehicle under a
lease contract, installment sales agreement, or
security agreement by a
person who is a party to the
lease contract, installment sales agreement, or security agreement is not an act of unlawful subleasing of a motor vehicle and is not subject to prosecution.
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Terms Used In Indiana Code 24-5-16-13
- Contract: A legal written agreement that becomes binding when signed.
- direct loan agreement: means an agreement between a lender and a purchaser by which the lender has advanced funds under a loan secured by the vehicle that the purchaser has purchased. See Indiana Code 24-5-16-2
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- lease contract: means a lease contract for or in contemplation of a lease for the use of a vehicle, and the purchase of services incidental to the lease, by an individual for a term exceeding four (4) months primarily for personal, family, household, business, commercial, or agricultural use. See Indiana Code 24-5-16-4
- person: means an individual, a company, a firm, an association, a partnership, a trust, a corporation, or other legal entity. See Indiana Code 24-5-16-5
- security agreement: has the meaning set forth in Indiana Code 24-5-16-8
- vehicle: has the meaning set forth in IC 24-4-9-8. See Indiana Code 24-5-16-11
As added by P.L.80-1990, SEC.16.
