Indiana § 24-4-12-4 "New and unused property" defined

Indiana Statutes

§ 24-4-12-4 — "New and unused property" defined

Indiana·Art. 4 REGULATED BUSINESSES·Ch. 12 Unused Property Market Regulation

As used in this chapter, "new and unused property" means tangible personal property that:

(1)was acquired by an unused property merchant directly from the producer, manufacturer, wholesaler, or retailer in the ordinary course of business; and

(2)has not been used since its production or manufacture or that is in its original and unopened package or container, if the personal property was packaged when originally produced or manufactured.

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As used in this chapter, "new and unused
property" means tangible personal property that:
(1) was acquired by an unused property merchant directly from
the producer, manufacturer, wholesaler, or retailer in the ordinary
course of business; and
(2) has not been used since its production or manufacture or that
is in its original and unopened package or container, if the
personal property was packaged when originally produced or
manufactured.

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