§ 26-1-2.1-503 — Modification or impairment of rights and remedies

Indiana § 26-1-2.1-503

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

Text

(1) Except as otherwise provided in IC 26-1-2.1, the lease agreement may include rights and remedies for
default in addition to or in substitution for those provided in IC 26-1-2.1 and may limit or alter the measure of damages recoverable
under IC 26-1-2.1.
(2) Resort to a remedy provided under IC 26-1-2.1 or in the lease
agreement is optional unless the remedy is expressly agreed to be
exclusive. If circumstances cause an exclusive or limited remedy to fail
of its essential purpose, or provision for an exclusive remedy is
unconscionable, remedy may be had as provided in IC 26-1-2.1.
(3) Consequential damages may be liquidated under IC 26-1-2.1-504, or may otherwise be limited, altered, or excluded unless
the limitation, alteration, or exclusion is unconscionable. Limitation,
alteration, or exclusion of consequential damages for injury to the
person in the case of consumer goods is prima facie unconscionable but
limitation, alteration, or exclusion of damages where the loss is
commercial is not prima facie unconscionable.
(4) Rights and remedies on default by the lessor or the lessee with
respect to any obligation or promise collateral or ancillary to the lease
contract are not impaired by IC 26-1-2.1.

Legislative History

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