Indiana Statutes
§ 26-1-2.1-510 — Installment lease contracts; rejection and default
Indiana § 26-1-2.1-510
This text of Indiana § 26-1-2.1-510 (Installment lease contracts; rejection and default) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Ind. Code § 26-1-2.1-510 (2026).
Text
(1)Under an installment lease contract
a lessee may reject any delivery that is nonconforming if the
nonconformity substantially impairs the value of that delivery and
cannot be cured or the nonconformity is a defect in the required
documents; but if the nonconformity does not fall within subsection (2)
and the lessor or the supplier gives adequate assurance of its cure, the
lessee must accept that delivery.
(2)Whenever nonconformity or default with respect to one or more
deliveries substantially impairs the value of the installment lease
contract as a whole there is a default with respect to the whole. But, the
aggrieved party reinstates the installment lease contract as a whole if
the aggrieved party accepts a nonconforming delivery without
seasonably notifying of cancellation or bring
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Legislative History
As added by P.L.189-1991, SEC.3.
Nearby Sections
15
§ 26-1-1-0.3
Certain security interests considered perfected§ 26-1-1-0.5
Status of certain security interests; conditions; lapsing of perfection;
filing of financing statements§ 26-1-1-101
Short title; application§ 26-1-1-104
Construction against implicit repeal§ 26-1-1-105
Repealed§ 26-1-1-106
Remedies to be liberally administered§ 26-1-1-108
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Bluebook (online)
Indiana § 26-1-2.1-510, Counsel Stack Legal Research, https://law.counselstack.com/statute/in/26-1-2.1-510.