Indiana § 36-1-10-9 - Leases; terms and conditions; options to renew or purchase; exercise of option to purchase
Full text of Indiana Indiana Code § 36-1-10-9 — Leases; terms and conditions; options to renew or purchase; exercise of option to purchase, with citation guidance and answers to common questions.
§ 36-1-10-9. Leases; terms and conditions; options to renew or purchase; exercise of option to purchase
Sec. 9. (a) The lease may provide that the leasing agent has an option to renew the lease for a further term or to purchase the property. The terms and conditions of the purchase must be specified in the lease.
(b) Whenever the leasing agent exercises an option to purchase the property, then the political subdivision or agency may issue and sell bonds for the purpose of procuring money to pay the purchase price. If the leasing agent does not exercise an option to purchase the property, then upon the expiration of the lease and upon full performance by the leasing agent, the property becomes the absolute property of the political subdivision or agency. The lessor shall convey title to the political subdivision or agency.
[Pre-Local Government Recodification Citation: 18-5-3.3-3.]
As added by Acts 1981, P.L.57, SEC.36. Amended by P.L.74-1987, SEC.18.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-1-10-9
What does Indiana Code § 36-1-10-9 cover?
Section 36-1-10-9 ("Leases; terms and conditions; options to renew or purchase; exercise of option to purchase") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 36-1-10-9?
A common citation format is "Indiana Code § 36-1-10-9" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 36-1-10-9 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.