Title 26, COMMERCIAL LAW

Sec. 721. Remedies for material misrepresentation or fraud include all remedies available under this chapter for non-fraudulent breach. In all suits based on fraud or material misrepresentation, if the plaintiff recovers judgment in any amount, the plaintiff shall also be entitle…

Sec. 722. Where a third party so deals with goods which have been identified to a contract for sale as to cause actionable injury to a party to that contract (a) a right of action against the third party is in either party to the contract for sale who has title to or a security i…

Sec. 723. (1) If an action based on anticipatory repudiation comes to trial before the time for performance with respect to some or all of the goods, any damages based on market price (IC 26-1-2-708 and IC 26-1-2-713) shall be determined according to the price of such goods preva…

Sec. 724. Whenever the prevailing price or value of any goods regularly bought and sold in any established commodity market is in issue, reports in official publications or trade journals or in newspapers or periodicals of general circulation published as the reports of such mark…

Sec. 725. (1) An action for breach of any contract for sale must be commenced within four (4) years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one (1) year, but may not extend it. (2) A cause o…

Sec. 1. No mortgage of household goods which may be executed after March 8, 1897, shall authorize the mortgagee to sell such mortgaged property, and any provision in any such mortgage giving the mortgagee the power of sale shall be void. But every sale of household goods to satis…

Sec. 2. The mortgagee of household goods shall not be entitled to the possession of the mortgaged property unless the mortgage specially provides that the mortgagee shall have possession of the mortgaged property from the time the mortgage is executed until sale, as provided in t…

Sec. 3. It shall be the duty of the holder of any mortgage on household goods, or the agent of such holder or mortgagee whose duty it is to receive money on such mortgage, when any money, check or anything taken in payment on such mortgage or interest due thereon, is received by …

Sec. 1. A warehouseman, or any officer, agent, or servant of a warehouseman, who issues a receipt, knowing that the goods for which the receipt is issued have not been actually received by the warehouseman, or are not under the warehouseman's actual control at the time of issuing…

Sec. 2. A warehouseman, or any officer, agent or servant of a warehouseman, who fraudulently issues a receipt for goods, knowing that it contains any false statement, commits a Class A misdemeanor. Formerly: Acts 1921, c.100, s.51. As amended by Acts 1978, P.L.2, SEC.2602.

Sec. 3. A warehouseman, or any officer, agent, or servant of a warehouseman, who issues a duplicate or additional negotiable receipt for goods, knowing that a former negotiable receipt for the same goods or any part of them is outstanding and uncanceled, without plainly placing u…

Sec. 4. If there are deposited with or held by a warehouseman goods of which he is owner, either solely or jointly, or in common with others, and if the warehouseman, or his officer, agent, or servant, knowing the ownership, issues a negotiable receipt for the goods which does no…

Sec. 5. A warehouseman, or any officer, agent, or servant of a warehouseman, who delivers goods out of the possession of the warehouseman, knowing that a negotiable receipt, the negotiation of which would transfer the right to the possession of the goods, is outstanding and uncan…

Sec. 7. This chapter may be cited as the Uniform Warehouse Receipts Act. Formerly: Acts 1921, c.100, s.61. As amended by P.L.152-1986, SEC.306.

Sec. 1. All promissory notes, bills of exchange, bonds or other instruments in writing, signed by any person who promises to pay money, or acknowledges money to be due, or for the delivery of a specific article, or to convey property, or to perform any stipulation therein mention…

Sec. 10. No damages beyond cost of protest shall be chargeable against drawer or endorser, if, upon notice of protest and demand of the principal sum, the same is paid. Formerly: Acts 1861, c.75, s.10.

Sec. 11. No holder of a bill of exchange shall recover damages thereon, if he has not given for the same, or for some interest therein, a valuable consideration. Formerly: Acts 1861, c.75, s.11.

Sec. 12. On any bill drawn or negotiated in this state, and payable at any place without the state, but in regard to which it shall appear that it was not to be presented for acceptance or payment at that place, if means were provided for its discharge within the state, no damage…

Sec. 13. The provisions of this chapter relating to damages on bills of exchange shall not apply to promissory notes discounted by a bank, and protested for nonpayment. Formerly: Acts 1861, c.75, s.13. As amended by P.L.152-1986, SEC.304.

Sec. 14. Upon any instrument of writing, made within this state or elsewhere, containing a promise to pay money without relief from valuation laws, judgment shall be rendered and execution had accordingly. Formerly: Acts 1861, c.75, s.15.

Sec. 2. The assignee of any such instrument may, in his own name, recover against the person who made the same. Formerly: Acts 1861, c.75, s.2.

Sec. 3. Whatever defense or setoff the maker of any such instrument had, before notice of assignment, against an assignor, or against the original payee, he shall have also against their assignees. Formerly: Acts 1861, c.75, s.3.

Sec. 4. Any such assignee, having used due diligence in the premises, shall have his action against his immediate or any remote endorser, and in suit against a remote endorser, he shall have any defense which he might have had in a suit brought by his immediate assignee. Formerly…

Sec. 5. The provisions of sections 3 and 4 of this chapter shall not alter the law relative to bills of exchange as it exists on July 5, 1861. Formerly: Acts 1861, c.75, s.5. As amended by P.L.152-1986, SEC.303.

Sec. 6. Notes payable to order or bearer in a bank in this state shall be negotiable as inland bills of exchange, and the payees and endorsees thereof may recover as in case of such bills. Formerly: Acts 1861, c.75, s.6.

Sec. 7. Damages payable on protest for nonpayment or nonacceptance of a bill of exchange, drawn or negotiated within this state, shall be, if drawn upon any person at any place out of this state, but within the United States, five per cent (5%), but if upon any person at any plac…

Sec. 8. Beyond such damages, no interest or charges accruing prior to protest shall be allowed, but interest from the date of the protest may be recovered. Formerly: Acts 1861, c.75, s.8.

Sec. 9. As to any such bills payable within the United States, the rate of exchange shall not be taken into account. Formerly: Acts 1861, c.75, s.9.

Sec. 1. The Indiana grain indemnity corporation is established. The corporation is a public body corporate and politic, and though it is separate from the state, the exercise by the corporation of its powers constitutes an essential governmental function. The corporation may sue …

Sec. 2. (a) The corporation's board is created. The governing powers of the corporation are vested in the board, which is composed of thirteen (13) members as described in subsections (b) and (c). (b) The board consists of the following ten (10) voting members: (1) Two (2) member…

Sec. 3. (a) A member of the board appointed under section 2(b) of this chapter: (1) serves for a four (4) year term; (2) is entitled to the same per diem and mileage allowances provided by law for state employees; and (3) may be reappointed. (b) A vacancy created by a member desc…

Sec. 4. (a) Except as provided in subsection (b), six (6) voting members constitute a quorum. The affirmative votes of at least six (6) voting members who are present in person are necessary for any action to be taken by the board. (b) A meeting may be adjourned by less than six …

Sec. 5. The board shall meet at least two (2) times each year. One (1) meeting of the board must be held in July. As added by P.L.250-1995, SEC.1. Amended by P.L.75-2010, SEC.23.

Sec. 6. (a) Except as provided in subsection (b), a member of the board must be given at least five (5) days written notice of the meetings. (b) A member of the board may waive any notice required by this section or bylaws of the corporation before or after the date and time stat…

Sec. 7. (a) The board shall do the following: (1) Adopt rules, create forms, and establish guidelines to implement this article. (2) Collect and deposit all producer premiums authorized under IC 26-4-4-4 into the fund for investment by the board. (3) Require reports from the agen…

Sec. 8. A member of the board or other person acting on behalf of the corporation is not personally liable for damage or injury resulting from the performance of the member's or person's duties under this article. As added by P.L.250-1995, SEC.1.

Sec. 8.5. (a) A board member may not discuss any pending claim or potential claim except with another board member, at a board meeting, including at an executive session of the board. (b) If a board member reasonably believes that a conflict of interest exists with respect to the…

Sec. 8.7. (a) If a board member is found to have violated the terms of a confidentiality agreement entered into under this chapter, the board member forfeits the member's appointment to the board and shall be removed as a member of the board. (b) If a board member is suspected of…

Sec. 9. (a) The corporation may do or shall have any of the following: (1) Perpetual succession by its corporate name as a corporate body. (2) Adopt and make use of an official seal and alter the same at pleasure. (3) Adopt, amend, and repeal bylaws consistent with the provisions…

Sec. 101. IC 26-1-4 may be cited as Uniform Commercial Code ) Bank Deposits and Collections. Formerly: Acts 1963, c.317, s.4-101. As amended by P.L.152-1986, SEC.205; P.L.222-1993, SEC.6.

Sec. 102. (a) To the extent that items within IC 26-1-4 are also within IC 26-1-3.1 and IC 26-1-8.1, they are subject to IC 26-1-3.1 and IC 26-1-8.1. If there is conflict, IC 26-1-4 governs IC 26-1-3.1, but IC 26-1-8.1 governs IC 26-1-4. (b) The liability of a bank for action or …

Sec. 102.5. (a) As used in this section, "supervised financial organization" means a person, other than an insurance company or other organization primarily engaged in an insurance business, that is: (1) organized, chartered, or holding an authorization certificate under the laws…

Sec. 103. (a) The effect of the provisions of IC 26-1-4 may be varied by agreement, but the parties to the agreement cannot disclaim a bank's responsibility for its lack of good faith or failure to exercise ordinary care or limit the measure of damages for the lack or failure. Ho…

Sec. 104. (a) In IC 26-1-4, unless the context otherwise requires: (1) "Account" means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. (2) "Afternoon…

Sec. 105. In IC 26-1-4: (1) "Bank" means a person engaged in the business of banking, including a savings bank, savings association, credit union, or trust company. (2) "Depositary bank" means the first bank to take an item even though it is also the payor bank, unless the item i…

Sec. 106. (a) If an item states that it is "payable through" a bank identified in the item: (1) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and (2) the item may be presented for payment only by or through the bank. …