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Ind. Code § 32-33-20-15

Proceeds of special tool sale

As added by P.L.73-2009, SEC.4.

Sec. 15. (a) The proceeds of a sale of a special tool under section 13 of this chapter shall be paid as follows:

(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.

(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.

(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.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.