§ 26-1-2.1-506 — Statute of limitations

Indiana § 26-1-2.1-506

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

Text

(1) An action for default under a lease
contract, including breach of warranty or indemnity, must be
commenced within four (4) years after the cause of action accrued. By
the original lease contract the parties may reduce the period of
limitation to not less than one (1) year.
(2) A cause of action for default accrues when the act or omission
on which the default or breach of warranty is based is or should have
been discovered by the aggrieved party, or when the default occurs,
whichever is later. A cause of action for indemnity accrues when the
act or omission on which the claim for indemnity is based is or should
have been discovered by the indemnified party, whichever is later.
(3) If an action commenced within the time limited by subsection
(1) is so terminated as to leave available a remedy by another action for
the same default or breach of warranty or indemnity, the other action
may be commenced after the expiration of the time limited and within
six (6) months after the termination of the first action unless the
termination resulted from voluntary discontinuance or from dismissal
for failure or neglect to prosecute.
(4) This section does not alter the law on tolling of the statute of
limitations nor does it apply to causes of action that have accrued
before IC 26-1-2.1 becomes effective.

Legislative History

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