Terms Used In Indiana Code > Title 15 > Article 12 > Chapter 3 - Repurchase of Farm or Industrial Machinery Inventory

• all terrain vehicle: has the meaning set forth in Indiana Code 15-12-3-2
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• current net price: means :

  Indiana Code 15-12-3-3

• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• farm or industrial machinery: means any of the following:

  Indiana Code 15-12-3-4

• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• inventory: means farm or industrial machinery held by a retailer. See Indiana Code 15-12-3-5
• net cost: means :

  Indiana Code 15-12-3-6

• 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.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: means an individual, a corporation, a limited liability company, a partnership, a trust, or an unincorporated association. See Indiana Code 15-12-3-7
• retailer: means a person engaged in the business of selling, at retail, farm or industrial machinery. See Indiana Code 15-12-3-8
• retainage: refers to various purchase, invoice, and other discounts held by the supplier and due the retailer at a later time. See Indiana Code 15-12-3-9
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5