Indiana Code 24-5-13.5-3. “Buyback vehicle”
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Terms Used In Indiana Code 24-5-13.5-3
- dealer: means a person engaged in the business of buying, selling, leasing, or exchanging motor vehicles. See Indiana Code 24-5-13.5-5
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- manufacturer: has the meaning set forth in IC 24-5-13-4. See Indiana Code 24-5-13.5-6
- motor vehicle: has the meaning set forth in IC 24-5-13-5. See Indiana Code 24-5-13.5-7
- nonconformity: has the meaning set forth in IC 24-5-13-6. See Indiana Code 24-5-13.5-8
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
Sec. 3. As used in this chapter, “buyback vehicle” means a motor vehicle that has been replaced or repurchased by a manufacturer or a nonresident manufacturer’s agent or an authorized dealer, either under this chapter or IC 24-5-13 by judgment, decree, arbitration award, settlement agreement, or voluntary agreement in Indiana or another state, but does not include a motor vehicle that was repurchased pursuant to a guaranteed repurchase or satisfaction program advertised by the manufacturer and was not alleged or found to have a nonconformity as defined in IC 24-5-13-6.
As added by P.L.65-1992, SEC.3. Amended by P.L.118-1993, SEC.2.