15-12-3-12. Repurchase Price; Packaging
Sec. 12. (a) The price for a repurchase under this chapter must equal the sum of: (1) one hundred percent (100%) of the net cost of all new, unsold, undamaged, and complete farm or industrial machinery (except repair parts); plus (2) one hundred percent (100%) of the current net price of all new, unused, and […]
15-12-3-13. Title to Inventory
Sec. 13. Upon the payment to the retailer of the repurchase price under section 12 of this chapter, the title to the inventory passes to the wholesaler, manufacturer, or distributor. [Pre-2008 Recodification Citation: 15-7-7-13.] As added by P.L.2-2008, SEC.3.
15-12-2-4. Deposit and Expenditure of Funds
Sec. 4. Notwithstanding any other law, funds and the proceeds of the trust assets that are not authorized to be administered by the United States Secretary of Agriculture under section 3 of this chapter shall be received by the director under an application made under section 2 of this chapter. The director shall deposit the […]
15-12-3-14. Repurchase Exceptions
Sec. 14. This chapter does not require the repurchase of any of the following: (1) A repair part that has a limited storage life or is subject to deterioration, including rubber items, gaskets, batteries, solvents, and lubricants. (2) A single repair part that is priced as a set of two (2) or more items. (3) […]
15-12-2-5. Director’s Powers; Delegation
Sec. 5. (a) The director may do the following: (1) Collect, compromise, adjust, or cancel claims and obligations arising out of or administered under: (A) this chapter; or (B) any mortgage, lease, contract, or agreement entered into or administered under this chapter. (2) If in the director’s judgment it is necessary and advisable, pursue a […]
15-12-3-15. Civil Liability
Sec. 15. A wholesaler, manufacturer, or distributor that fails or refuses to repurchase inventory as required under this chapter within ninety (90) days after the termination of a contract is liable in a civil action to the retailer for: (1) one hundred percent (100%) of the current net price of repair parts; (2) one hundred […]
15-12-2-6. Exemption From Liability
Sec. 6. The United States and the United States Secretary of Agriculture may not be held liable for the transfer of assets to the director under this chapter. [Pre-2008 Recodification Citation: 15-7-2-5.] As added by P.L.2-2008, SEC.3.
15-12-3-16. Repurchase After Death, Incapacity, or Insolvency
Sec. 16. (a) If a retailer: (1) is an individual who dies or is incapacitated; or (2) is a corporation that becomes insolvent; 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 […]
15-12-3-1. Application of Chapter
Sec. 1. (a) This chapter applies to the following: (1) Contracts that may be terminated or altered at will. (2) Contracts formed or renewed after June 30, 1989. (b) This chapter may not be construed to impair the obligation of a contract in violation of Article 1, Section 24 of the Constitution of the State […]
15-12-3-17. Inspection of Inventory
Sec. 17. A retailer, wholesaler, manufacturer, or distributor may, in person or through a representative, inspect all inventory and certify its acceptability when it is packed for shipment to the wholesaler, manufacturer, or distributor for repurchase under this chapter. [Pre-2008 Recodification Citation: 15-7-7-17.] As added by P.L.2-2008, SEC.3.