Indiana Code 26-1-7-206. Termination of storage at warehouse’s option
(b) If a warehouse in good faith believes that goods are about to deteriorate or decline in value to less than the amount of its lien within the time provided in subsection (a) and section 210 of this chapter, the warehouse may specify in the notice given under subsection (a) any reasonable shorter time for removal of the goods and, if the goods are not removed, may sell them at public sale held not less than one (1) week after a single advertisement or posting.
Terms Used In Indiana Code 26-1-7-206
- Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Indiana Code 26-1-7-102
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Indiana Code 26-1-7-102
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Warehouse: means a person engaged in the business of storing goods for hire. See Indiana Code 26-1-7-102
(d) A warehouse shall deliver the goods to any person entitled to them under this chapter upon due demand made at any time before sale or other disposition under this section.
(e) A warehouse may satisfy its lien from the proceeds of any sale or disposition under this section but shall hold the balance for delivery on the demand of any person to which the warehouse would have been bound to deliver the goods.
Formerly: Acts 1963, c.317, s.7-206. As amended by P.L.152-1986, SEC.249; P.L.143-2007, SEC.35.