Indiana Statutes
§ 30-2-13-17 — Successors to seller; obligations
A seller may not sell the seller's stock, business, or assets, transfer assets, merge or consolidate, in whole or in part, or sell, transfer, or consolidate contracts unless:
(1)the purchaser of the stock, business, or assets or the successor
in interest is liable for shortages in a trust under this chapter
existing before or after the sale, however, the purchaser or
successor in interest has no obligation to cure a shortage in a
contract between the seller and the purchaser that is not
performed by the purchaser or successor in interest; or
(2)the purchaser of the stock, business, or assets or the successor
in interest will perform all obligations imposed under this chapter,
all obligations imposed under contracts between the seller and the
purchaser, and any other related obligations.
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Legislative History
As added by P.L.200-1991, SEC.1.
Nearby Sections
15
§ 30-1-2-1
Stocks; bonds; securities§ 30-1-2-2
Securities not listed; terms§ 30-1-4-1
Eligible investments§ 30-1-5-1
Securities; insurance§ 30-1-6-3
Bidding; report; hearing; endorsement§ 30-1-6-5
Acts conclusive; disaffirmance denied§ 30-1-7-2
Petition to execute options; prospectus§ 30-1-7-3
Hearing; order of court§ 30-1-7-4
Binding and conclusive; disaffirmance§ 30-1-8-1
Definitions