§ 15-12-3-16 — Repurchase after death, incapacity, or insolvency

Indiana § 15-12-3-16

• Jurisdiction: Indiana
• Art. 12: AGRICULTURAL ASSISTANCE
• Ch. 3: Repurchase of Farm or Industrial Machinery Inventory

Text

(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 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.]

Legislative History

As added by P.L.2-2008, SEC.3.