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Ind. Code § 26-1-2.1-525

Lessor's right to possession of goods

Known as the Uniform Commercial Code

The act spans §§ 26-1-1-0.2 to 26-1-9.1-902 (630 sections).

Applied in 1 court decision — leading case Leaf Funding, Inc. v. Brogan Pharmaceuticals, Inc. (2009)

Most recently applied in Leaf Funding, Inc. v. Brogan Pharmaceuticals, Inc. (July 2009)

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

Sec. 525. (1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods.

(2) After a 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, the lessor has the right to take possession of the goods. If the lease contract so provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor which is reasonably convenient to both parties. Without removal, the lessor may render unusable any goods employed in trade or business, and may dispose of goods on the lessee's premises (IC 26-1-2.1-527).

(3) The lessor may proceed under subsection (2) without judicial process if that can be done without breach of the peace or the lessor may proceed by action.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.