§ 23-2-6-43 — Failure to make physical delivery; defenses

Indiana § 23-2-6-43

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 2: SECURITIES AND FRANCHISES
• Ch. 6: Indiana Commodity Code

Text

In any complaint, information, indictment,
writ, or proceeding brought under this chapter that alleges a violation
of section 17 of this chapter solely on the failure in an individual case
to make physical delivery within the applicable time under section
19(a)(2) of this chapter, it is a defense if both of the following are
shown:
(1) Failure to make physical delivery was due solely to factors
beyond the control of all of the following:
(A) The seller.
(B) Officers, directors, partners, agents, servants, or employees
of the seller.
(C) Each person occupying a similar status or performing
similar functions as a person described in clause (B).
(D) Each person who directly or indirectly controls or is
controlled by the seller or by any person described in clause (B)
or (C).
(E) The seller's affiliates, subsidiaries, and successors.
(2) Physical delivery was completed within a reasonable time
under the applicable circumstances.

Legislative History

As added by P.L.177-1991, SEC.10.