Is this a creosote leak in a brand new stove pipe??

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Yea, I don't think any of that is to code. The exhaust side of the elbow I believe is inside of the strait section going into the chimney. Hence the creosote runing out. In other words the strait section going into the chimney is backwards. Yep get rid of that stove too.
 
I sold those when I was in high school, worked at a local hardware store. We were constantly getting cracked ones and the stoves we did sell that were installed we got nothing but complaints, leaked air, burnt wood too fast, refractory cement falling out etc. Eventually my boss quit handling them the profit was not worth the headache.