§ 26-1-2.1-501 — Default; procedure

Indiana § 26-1-2.1-501

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

Text

(1) Whether the lessor or the lessee is in
default under a lease contract is determined by the lease agreement and
IC 26-1-2.1.
(2) If the lessor or the lessee is in default under the lease contract,
the party seeking enforcement has rights and remedies as provided in
IC 26-1-2.1 and, except as limited by IC 26-1-2.1, as provided in the
lease agreement.
(3) If the lessor or the lessee is in default under the lease contract,
the party seeking enforcement may reduce the party's claim to
judgment, or otherwise enforce the lease contract by self-help or any
available judicial procedure or nonjudicial procedure, including
administrative proceeding, arbitration, or the like, in accordance with
IC 26-1-2.1.
(4) Except as otherwise provided in IC 26-1-2.1-106(1) or IC 26-1-2.1 or the lease agreement, the rights and remedies referred to in
subsections (2) and (3) are cumulative.
(5) If the lease agreement covers both real property and goods, the
party seeking enforcement may proceed under this part as to the goods,
or under other applicable law as to both the real property and the goods
in accordance with that party's rights and remedies in respect of the real
property, in which case this part does not apply.

Legislative History

As added by P.L.189-1991, SEC.3.