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IN SB0171
Bill
Status
Introduced
1/4/2017
Primary Sponsor
Michael Delph
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AI Summary
- Adds new Chapter 8 to IC 34-7-8 effective July 1, 2017, restricting choice of law and venue provisions in certain contracts.
- Applies to contracts entered into, modified, or extended after December 31, 2017, where at least one party is an Indiana resident, has principal business in Indiana, must perform substantial obligations in Indiana, or the contract involves Indiana property/subject matter, AND the contract has an initial term of at least 6 months or consideration value of at least $1,000.
- Prohibits contract provisions that require disputes to be litigated outside Indiana or that deprive parties of substantive protections of Indiana law for controversies arising in Indiana.
- Makes any contract provision violating these restrictions voidable by either party, with disputed matters then adjudicated in Indiana under Indiana law.
- Defines "contract" as an agreement between parties to pay money in exchange for goods, services, real property, or stock shares.
Legislative Description
Contract litigation provisions. Limits the ability of parties to certain contracts to include provisions that allow for disputes to be adjudicated in an out-of-state venue or using another state's laws.
Last Action
First reading: referred to Committee on Civil Law
1/4/2017
Committee Referrals
Civil Law1/4/2017
Full Bill Text
No bill text available