Terms Used In Indiana Code 24-5-16-4

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • vehicle: has the meaning set forth in IC 24-4-9-8. See Indiana Code 24-5-16-11
   Sec. 4. As used in this chapter, “lease contract” means a lease contract for or in contemplation of a lease for the use of a vehicle, and the purchase of services incidental to the lease, by an individual for a term exceeding four (4) months primarily for personal, family, household, business, commercial, or agricultural use.

As added by P.L.80-1990, SEC.16.