Indiana Code 15-12-3-1. Application of chapter
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Sec. 1. (a) This chapter applies to the following:
(2) Contracts formed or renewed after June 30, 1989.
(1) Contracts that may be terminated or altered at will.
Terms Used In Indiana Code 15-12-3-1
- Contract: A legal written agreement that becomes binding when signed.
- inventory: means farm or industrial machinery held by a retailer. See Indiana Code 15-12-3-5
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- retailer: means a person engaged in the business of selling, at retail, farm or industrial machinery. See Indiana Code 15-12-3-8
(b) This chapter may not be construed to impair the obligation of a contract in violation of Article 1, § 24 of the Constitution of the State of Indiana.
(c) This chapter does not affect a security interest that a wholesaler, manufacturer, or distributor may have in a retailer‘s inventory.
[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-7-1(a); subsection (b) formerly 15-7-7-1(b); subsection (c) formerly 15-7-7-18.]
As added by P.L.2-2008, SEC.3.