Indiana Code 32-33-20-15. Proceeds of special tool sale
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Sec. 15. (a) The proceeds of a sale of a special tool under section 13 of this chapter shall be paid as follows:
(2) Any remainder after payment is made under subdivision (1) shall be paid to the special tool builder who possesses a lien under this chapter in an amount sufficient to extinguish that interest.
(1) The proceeds shall be paid first to the prior lienholder who has a perfected lien in an amount sufficient to satisfy the lienholder’s interest.
Terms Used In Indiana Code 32-33-20-15
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- customer: means a person who:
Indiana Code 32-33-20-1
- end user: means a person who uses a special tool as part of the person's manufacturing process. See Indiana Code 32-33-20-2
- Lien: A claim against real or personal property in satisfaction of a debt.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- special tool: means tools, dies, jigs, gauges, gauging fixtures, special machinery, cutting tools, injection molds, or metal castings used in the design, development, manufacture, assembly or fabrication of parts. See Indiana Code 32-33-20-3
- special tool builder: means a person who designs, develops, manufactures, or assembles special tools for sale. See Indiana Code 32-33-20-4
(3) Any remainder after payment is made under subdivision (2) shall be paid to the customer.
(b) A sale may not be made or possession may not be obtained under section 13 of this chapter if the sale or possession would violate any right a customer or an end user has under federal patent, bankruptcy, or copyright law.
As added by P.L.73-2009, SEC.4.