Terms Used In Indiana Code > Title 34 > Article 31 - Limited Liability

• agritourism activity: means :

  Indiana Code 34-31-9-2

• agritourism provider: means a person who provides the opportunity for agritourism activities whether or not the participant pays to participate in the activity. See Indiana Code 34-31-9-3
• asbestos claim: means any claim for damages, losses, indemnification, contribution, or other relief concerning asbestos, including:

  Indiana Code 34-31-8-1

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• community use physical fitness activity: means an activity in which the general public is invited to use:

  Indiana Code 34-31-10-3

• corporation: means a corporation for profit, including a domestic corporation organized under Indiana law or a foreign corporation organized under the law of a jurisdiction other than Indiana. See Indiana Code 34-31-8-2
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• inherent risk of a physical fitness activity: means a condition, danger, or hazard that is an integral part of:

  Indiana Code 34-31-10-4

• innocent successor corporation: means a corporation that:

  Indiana Code 34-31-8-3

• land: means all real property, land, and water including all structures, fixtures, equipment, and machinery located on the property. See Indiana Code 34-31-9-5
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• monetary consideration: means a fee or other charge for permission to go upon a tract of land. See Indiana Code 34-31-9-6
• 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.
• participant: means any person, other than the agritourism provider, who engages in an agritourism activity. See Indiana Code 34-31-9-7
• participant: means a person who is engaging in a community use physical fitness activity. See Indiana Code 34-31-10-5
• 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, governmental entity, corporation, limited liability company, partnership, unincorporated association, or other legal or commercial entity. See Indiana Code 34-31-9-8
• possessor of land: means a person who possesses any fee, reversionary, or easement interest in real property. See Indiana Code 34-31-11-1
• school: means a:

  Indiana Code 34-31-10-6

• successor asbestos related liability: means any liability that is related to an asbestos claim that was assumed or incurred by a corporation as a result of:

  Indiana Code 34-31-8-4

• transferor corporation: means a corporation from which a successor asbestos related liability was assumed or incurred. See Indiana Code 34-31-8-5
• trespasser: means a person who enters or remains on real property of another person without:

  Indiana Code 34-31-11-2