Sec. 501. (1) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and IC 26-1-2.1.
(2) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in IC 26-1-2.1 and, except as limited by IC 26-1-2.1, as provided in the lease agreement.
(3) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement may reduce the party's claim to judgment, or otherwise enforce the lease contract by self-help or any available judicial procedure or nonjudicial procedure, including administrative proceeding, arbitration, or the like, in accordance with IC 26-1-2.1.
(4) Except as otherwise provided in IC 26-1-2.1-106(1) or IC 26-1-2.1 or the lease agreement, the rights and remedies referred to in subsections (2) and (3) are cumulative.
(5) If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this part as to the goods, or under other applicable law as to both the real property and the goods in accordance with that party's rights and remedies in respect of the real property, in which case this part does not apply.
As added by P.L.189-1991, SEC.3.
Structure Indiana Code
Article 1. Uniform Commercial Code
26-1-2.1-103. Definitions and Index of Definitions
26-1-2.1-104. Leases Subject to Other Statutes
26-1-2.1-105. Territorial Application of Article to Goods Covered by Certificate of Title
26-1-2.1-107. Waiver or Renunciation of Claim or Right After Default
26-1-2.1-108. Unconscionability
26-1-2.1-109. Option to Accelerate at Will
26-1-2.1-201. Statute of Frauds
26-1-2.1-202. Final Written Expression; Parol or Extrinsic Evidence
26-1-2.1-203. Seals Inoperative
26-1-2.1-204. Formation in General
26-1-2.1-206. Offer and Acceptance in Formation of Lease Contract
26-1-2.1-208. Modification, Rescission, and Waiver
26-1-2.1-209. Lessee Under Finance Lease as Beneficiary of Supply Contract
26-1-2.1-210. Express Warranties
26-1-2.1-212. Implied Warranty of Merchantability
26-1-2.1-213. Implied Warranty of Fitness for Particular Purpose
26-1-2.1-214. Exclusion or Modification of Warranties
26-1-2.1-215. Cumulation and Conflict of Warranties Express or Implied
26-1-2.1-216. Third-Party Beneficiaries of Express and Implied Warranties
26-1-2.1-218. Insurance and Proceeds
26-1-2.1-220. Effect of Default on Risk of Loss
26-1-2.1-221. Casualty to Identified Goods
26-1-2.1-301. Enforceability of Lease Contract
26-1-2.1-302. Title to and Possession of Goods
26-1-2.1-304. Subsequent Lease of Goods by Lessor
26-1-2.1-305. Sale or Sublease of Goods by Lessee
26-1-2.1-306. Priority of Certain Liens Arising by Operation of Law
26-1-2.1-307. Priority of Liens Related to Lease Contract
26-1-2.1-308. Special Rights of Creditors
26-1-2.1-309. Lessor's and Lessee's Rights When Goods Become Fixtures
26-1-2.1-310. Lessor's and Lessee's Rights When Goods Become Accessions
26-1-2.1-311. Subordination by Agreement; Persons Entitled to Priority
26-1-2.1-401. Insecurity; Adequate Assurance of Performance
26-1-2.1-402. Anticipatory Repudiation
26-1-2.1-403. Retraction of Anticipatory Repudiation
26-1-2.1-404. Substituted Performance
26-1-2.1-405. Excused Performance
26-1-2.1-406. Procedure on Excused Performance
26-1-2.1-407. Irrevocable Promises; Finance Leases
26-1-2.1-501. Default; Procedure
26-1-2.1-502. Notice After Default
26-1-2.1-503. Modification or Impairment of Rights and Remedies
26-1-2.1-504. Liquidation of Damages
26-1-2.1-506. Statute of Limitations
26-1-2.1-507. Proof of Market Rent; Time and Place
26-1-2.1-508. Lessee's Remedies
26-1-2.1-509. Lessee's Rights on Improper Delivery; Rightful Rejection
26-1-2.1-510. Installment Lease Contracts; Rejection and Default
26-1-2.1-511. Merchant Lessee's Duties as to Rightfully Rejected Goods
26-1-2.1-512. Lessee's Duties as to Rightfully Rejected Goods
26-1-2.1-513. Cure by Lessor of Improper Tender or Delivery; Replacement
26-1-2.1-514. Waiver of Lessee's Objections
26-1-2.1-515. Acceptance of Goods
26-1-2.1-516. Effect of Acceptance of Goods; Notice of Default; Burden of Establishing
26-1-2.1-517. Revocation of Acceptance of Goods
26-1-2.1-518. Cover; Substitute Goods
26-1-2.1-520. Lessee's Incidental and Consequential Damages
26-1-2.1-521. Lessee's Right to Specific Performance or Replevin
26-1-2.1-522. Lessee's Right to Goods on Lessor's Insolvency
26-1-2.1-523. Lessor's Remedies
26-1-2.1-524. Lessor's Right to Identify Goods to Lease Contract
26-1-2.1-525. Lessor's Right to Possession of Goods
26-1-2.1-526. Lessor's Stoppage of Delivery
26-1-2.1-527. Lessor's Rights to Dispose of Goods
26-1-2.1-528. Lessor's Damages for Nonacceptance or Repudiation
26-1-2.1-529. Lessor's Action for the Rent
26-1-2.1-530. Lessor's Incidental Damages
26-1-2.1-531. Standing to Sue Third Parties for Injury to Goods
26-1-2.1-532. Recovery by Lessor for Loss of or Damage to Residual Interest