Sec. 204. (1) Whenever IC 26-1 requires any action to be taken within a reasonable time, any time which is not manifestly unreasonable may be fixed by agreement.

     (2) What is a reasonable time for taking any action depends on the nature, purpose, and circumstances of such action.

     (3) An action is taken “seasonably” when it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.

Formerly: Acts 1963, c.317, s.1-204. As amended by P.L.152-1986, SEC.117.