§ 26-1-2.1-505 — Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies

Indiana § 26-1-2.1-505

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

Text

(1) On cancellation of the lease contract,
all obligations that are still executory on both sides are discharged, but
any right based on prior default or performance survives, and the
canceling party also retains any remedy for default of the whole lease
contract or any unperformed balance.
(2) On termination of the lease contract, all obligations that are still
executory on both sides are discharged but any right based on prior
default or performance survives.
(3) Unless the contrary intention clearly appears, expressions of
"cancellation," "rescission," or the like of the lease contract may not be
construed as a renunciation or discharge of any claim in damages for
an antecedent default.
(4) Rights and remedies for material misrepresentation or fraud
include all rights and remedies available under IC 26-1-2.1 for default.
(5) Neither rescission nor a claim for rescission of the lease contract
nor rejection or return of the goods may bar or be deemed inconsistent
with a claim for damages or other right or remedy.

Legislative History

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