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Indiana Code Title 15. Agriculture and Animals § 15-12-1-34

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 34. (a) An association and its members may make and execute marketing contracts requiring the members to sell, for any period that is not more than ten (10) years:

(1) all or any specified part of the members' agricultural products;  or

(2) specified commodities;

exclusively to or through the association or any facilities to be created by the association.

(b) If a member contracts a sale to the association, it shall be conclusively held that title to the products passes absolutely and unreservedly, except for recorded liens, to the association:

(1) upon delivery;  or

(2) at any other specified time, if expressly and definitely agreed in the contract.

(c) A contract authorized under this section may provide that the association may:

(1) sell or resell the products delivered by the association's members, with or without taking title to the products;  and

(2) pay over to the association's members the resale price, with or without pooling, actual or proportionate, after deducting all necessary selling, overhead, and other costs and expenses, including:

(A) interest on preferred stock, not exceeding eight percent (8%) per year;

(B) reserves for retiring the stock, if any;

(C) other proper reserves;

(D) interest not exceeding eight percent (8%) per year on common stock;  and

(E) any other deductions specified in the contract.

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Cite this article: FindLaw.com - Indiana Code Title 15. Agriculture and Animals § 15-12-1-34 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-15-agriculture-and-animals/in-code-sect-15-12-1-34/

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