Sec. 13. (a) The actual or purported transfer or assignment, or the assisting, causing, or arranging of an actual or purported transfer or assignment, of a right or an interest in a vehicle under a lease contract, installment sales agreement, or security agreement by a person who is a party to the lease contract, installment sales agreement, or security agreement is not an act of unlawful subleasing of a motor vehicle and is not subject to prosecution.

     (b) This section does not affect the enforceability of any provision of a lease contract, an installment sales agreement, a security agreement, or a direct loan agreement by a party to the agreement.

As added by P.L.80-1990, SEC.16.

Terms Used In Indiana Code 24-5-16-13

  • Contract: A legal written agreement that becomes binding when signed.
  • direct loan agreement: means an agreement between a lender and a purchaser by which the lender has advanced funds under a loan secured by the vehicle that the purchaser has purchased. See Indiana Code 24-5-16-2
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • lease contract: means a lease contract for or in contemplation of a lease for the use of a vehicle, and the purchase of services incidental to the lease, by an individual for a term exceeding four (4) months primarily for personal, family, household, business, commercial, or agricultural use. See Indiana Code 24-5-16-4
  • person: means an individual, a company, a firm, an association, a partnership, a trust, a corporation, or other legal entity. See Indiana Code 24-5-16-5
  • security agreement: has the meaning set forth in Indiana Code 24-5-16-8
  • vehicle: has the meaning set forth in IC 24-4-9-8. See Indiana Code 24-5-16-11
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