Indiana § 26-1-2.1-529 Lessor's action for the rent

Indiana Statutes

§ 26-1-2.1-529 — Lessor's action for the rent

Indiana § 26-1-2.1-529

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 2.1Leases

This text of Indiana § 26-1-2.1-529 (Lessor's action for the rent) 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 § 26-1-2.1-529 (2026).

Text

(1)After default by the lessee under the lease contract of the type described in IC 26-1-2.1-523(1) or IC 26-1-2.1-523(3)(a) or, if agreed, after other default by the lessee, if the lessor complies with subsection (2), the lessor may recover from the lessee as damages:

(a)for goods accepted by the lessee and not repossessed by or tendered to the lessor, and for conforming goods lost or damaged within a commercially reasonable time after risk of loss passes to the lessee (IC 26-1-2.1-219):

(i)accrued and unpaid rent as of the date of entry of judgment in favor of the lessor;

(ii)the present value as of the same date of the rent for the then remaining lease term of the lease agreement; and

(iii)any incidental damages allowed under IC 26-1-2.1-530, less expenses saved in consequence of t

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(1) After default by the lessee under the
lease contract of the type described in IC 26-1-2.1-523(1) or IC 26-1-2.1-523(3)(a) or, if agreed, after other default by the lessee, if the
lessor complies with subsection (2), the lessor may recover from the
lessee as damages:
(a) for goods accepted by the lessee and not repossessed by or
tendered to the lessor, and for conforming goods lost or damaged
within a commercially reasonable time after risk of loss passes to
the lessee (IC 26-1-2.1-219):
(i) accrued and unpaid rent as of the date of entry of judgment
in favor of the lessor;
(ii) the present value as of the same date of the rent for the then
remaining lease term of the lease agreement; and
(iii) any incidental damages allowed under IC 26-1-2.1-530,
less expenses saved in consequence of the lessee's default; and
(b) for goods identified to the lease contract if the lessor is unable
after reasonable effort to dispose of them at a reasonable price or
the circumstances reasonably indicate that effort will be
unavailing:
(i) accrued and unpaid rent as of the date of entry of judgment
in favor of the lessor;
(ii) the present value as of the same date of the rent for the then
remaining lease term of the lease agreement; and
(iii) any incidental damages allowed under IC 26-1-2.1-530,
less expenses saved in consequence of the lessee's default.
(2) Except as provided in subsection (3), the lessor shall hold for the
lessee for the remaining lease term of the lease agreement any goods
that have been identified to the lease contract and are in the lessor's
control.
(3) The lessor may dispose of the goods at any time before
collection of the judgment for damages obtained pursuant to subsection
(1). If the disposition is before the end of the remaining lease term of
the lease agreement, the lessor's recovery against the lessee for
damages is governed by IC 26-1-2.1-527 or IC 26-1-2.1-528, and the
lessor will cause an appropriate credit to be provided against a
judgment for damages to the extent that the amount of the judgment
exceeds the recovery available pursuant to IC 26-1-2.1-527 or IC 26-1-2.1-528.
(4) Payment of the judgment for damages obtained pursuant to
subsection (1) entitles the lessee to use and possession of the goods not
then disposed of for the remaining lease term of and in accordance with
the lease agreement.
(5) After default by the lessee under the lease contract of the type
described in IC 26-1-2.1-523(1) or IC 26-1-2.1-523(3)(a) or, if agreed,
after other default by the lessee, a lessor who is held not entitled to rent
under this section must nevertheless be awarded damages for
non-acceptance under IC 26-1-2.1-527 and IC 26-1-2.1-528.