§ 26-1-2.1-102 — Scope; transactions creating a lease; hybrid transactions

Indiana § 26-1-2.1-102

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 2.1: Leases

Text

(1) IC 26-1-2.1 applies to any transaction,
regardless of form, that creates a lease and, in the case of a hybrid
lease, it applies to the extent provided in subsection (2).
(2) In a hybrid lease, the following apply:
(a) If the lease of goods aspects do not predominate:
(i) only the provisions of this chapter that relate primarily to the
lease of goods aspects of the transaction apply, and the
provisions that relate primarily to the transaction as a whole do
not apply;
(ii) section 209 of this chapter applies if the lease is a finance
lease; and
(iii) section 407 of this chapter applies to the promises of the
lessee in a finance lease to the extent the promises are
consideration for the right to possession and use of the leased
goods.
(b) If the lease of goods aspects predominate, this chapter applies
to the transaction, but does not preclude the application in
appropriate circumstances of other law to aspects of the lease that
do not relate to the lease of goods.

Legislative History

As added by P.L.189-1991, SEC.3. Amended by P.L.199-2023, SEC.10.