IC 26-1-2.1-506 Prescription Period Art. 506. (1) A late action in a lease agreement, including a breach of the guarantee or exemption, must be commenced within four (4) years from the date of the opening of the plea. The initial lease allows the parties to reduce the limitation period to at least one (1) year. 2. A reason for delay arises when the act or omission on which the delay or breach of the guarantee is based has been or should have been discovered by the aggrieved party, or if the delay occurs, depending on the subsequent date. A ground for action for reparation arises where the act or omission on which the claim for damages is or should have been discovered by the compensated party, as it is later. 3. If, within the limited time limit covered in paragraph 1, an action is revoked by another act because of the same delay or violation of the warranty or compensation, the other action may be commenced after the expiry of the limited period and within six (6) months following the end of the first action, unless it is due to a voluntary termination or termination for non-compliance or negligence.
(4) This section does not amend the Statute of Limitations and does not apply to means formed prior to the entry into force of IC 26-1-2.1. As added by P.L.189-1991, SEC.3. IC 26-1-2.1-508 Tenant corrective actions art. 508. (1) If a lessor does not deliver the goods in accordance with the contract (IC 26-1-2.1-509) or refuses the lease (IC 26-1-2.1-402), or a tenant the product (IC 26-1-2.1-509) is rightly reluctant or, rightly revokes the acceptance of the product (IC 26-1-2.1-517), then with respect to all the products concerned, and, with regard to all goods , if, under an installment lease, the value of the entire lease is significantly depreciated (IC 26-1-2.1-510), the lessor is late after the lease and the taker can: a) terminate the lease (IC 26-1-2.1-505 (1)); (b) recover the amount of rent and security as paid and which is precisely in the circumstances; (c) to cover and recover damages for all affected products; whether or not they have been identified in the lease (IC 26-1-2.1-518 and IC 26-1-2.1-520), or claiming damages for non-delivery (IC 26-1-2.1-519 and IC 26-1-2.1-520); and (d) exercise other rights or remedies under the lease. (2) When a lessor does not supply the goods in accordance with the contract or refuses the lease, the taker may also: (a) if the goods have been found, recover them (IC 26-1-2.1-522); or b) in a proper case, obtain a defined benefit or recover the right construed as waiving or executing a claim for compensation in the event of a delay. (4) Serious misrepresentation or fraud rights and remedies include all rights and remedies available under IC 26-1-2.1 for late cases. (5) Neither the retraction, nor the right to terminate the lease, nor the refusal or return of the goods can give or be considered incompatible with a claim for damages or any other right or remedy. As added by P.L.189-1991, SEC.3. (c) “commercial unit,” such a unit of products, which is intended to be used for commercial purposes as a whole for rental and distribution purposes, and whose character or value in the market or in use is severely affected; A commercial unit may be an object, machine or series of objects, a collection of furniture or a line of machinery or a gross or car load quantity, or any other unit that is treated as an entire unit in use or in the market in question. IC 26-1-2.1-213 The Guarantee of Fitness for Specific Purposes Article 213. With the exception of a financing lease, where the lessor has reason to know a specific purpose for which the goods are necessary and the taker relies on the lessor`s ability or judgment to choose or equip the appropriate goods, the lease implicitly guarantees that the commodity is appropriate for that purpose.