Indiana § 30-2-13-16 Sale, consolidation, merger, disposal, or lease of assets in bulk;
designation of successor

Indiana Statutes

§ 30-2-13-16 — Sale, consolidation, merger, disposal, or lease of assets in bulk; designation of successor

Indiana·Art. 2 GENERAL PROVISIONS·Ch. 13 Payment of Funeral, Burial Services, or Merchandise in

(a)Except for sales of stock or merchandise in the ordinary course of the seller's business, a seller who has deposited money or an insurance policy under section 12 or 12.5 of this chapter may not:

(1)sell, consolidate, merge, or dispose of assets; or

(2)lease the seller's business, facilities, or assets; without providing, as an integral part of the transaction or occurrence, for the designation of a successor seller of the money or insurance policy placed in trust. For purposes of this section, a change in control determines the seller's obligation.

(b)If a seller acting as a trustee of an insurance policy fails to designate a qualified successor seller, the board shall make the designation. However, the designated successor must be willing to accept the designation.

(c)This sectio

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(a) Except for sales of stock or merchandise
in the ordinary course of the seller's business, a seller who has
deposited money or an insurance policy under section 12 or 12.5 of this
chapter may not:
(1) sell, consolidate, merge, or dispose of assets; or
(2) lease the seller's business, facilities, or assets;
without providing, as an integral part of the transaction or occurrence,
for the designation of a successor seller of the money or insurance
policy placed in trust. For purposes of this section, a change in control
determines the seller's obligation.
(b) If a seller acting as a trustee of an insurance policy fails to
designate a qualified successor seller, the board shall make the
designation. However, the designated successor must be willing to
accept the designation.
(c) This section does not restrict a purchaser's right to designate a
new seller in accordance with section 13 of this chapter.

Indiana § 30-2-13-16 (Sale, consolidation, merger, disposal, or lease of assets in bulk; designation of successor) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.