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Indiana Code Title 32. Property § 32-33-20-15

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

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.

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Cite this article: FindLaw.com - Indiana Code Title 32. Property § 32-33-20-15 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-32-property/in-code-sect-32-33-20-15/

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