Sec. 10. (a) If a lessee is liable to a lessor for the replacement cost of property leased under a rental purchase agreement, the lessor may not charge the lessee more than the fair market value for the property.

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Terms Used In Indiana Code 24-7-5-10

  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (b) For purposes of subsection (a), fair market value shall be determined by the lessor in the same manner, and using the same method, that would apply if the lessee were exercising an early purchase option under the rental purchase agreement.

As added by P.L.138-1990, SEC.10. Amended by P.L.69-2018, SEC.41.

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