Indiana Code 24-4.5-2-406. Restriction on liability in consumer lease
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Terms Used In Indiana Code 24-4.5-2-406
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
style=”font-size: 10pt”> Sec. 406. The obligation of a lessee upon expiration of a consumer lease may not exceed three (3) times the average payment allocable to a monthly period under the lease. This limitation does not apply to charges for damages to the leased property or for other default.
Formerly: Acts 1971, P.L.366, SEC.3. As amended by P.L.247-1983, SEC.11; P.L.45-1995, SEC.7.