Section 2A-404 – Substituted Performance
(1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading, or unloading facilities fail or the agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable, but a commercially reasonable substitute is available, the substitute performance must be tendered and accepted. (2) If the agreed […]
Section 2A-221 – Casualty to Identified Goods
If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or § 2A-219, then: (a) If the loss […]
Section 2A-405 – Excused Performance
Subject to § 2A-404 on substituted performance, the following rules apply: (a) Delay in delivery or nondelivery in whole or in part by a lessor or a supplier who complies with paragraphs (b) and (c) is not a default under the lease contract if performance as agreed has been made impracticable by the occurrence of a […]
Section 2A-301 – Enforceability of Lease Contract
Except as otherwise provided in this title, a lease contract is effective and enforceable according to its terms between the parties, against purchasers of the goods, and against creditors of the parties.
Section 2A-406 – Procedure on Excused Performance
(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under § 2A-405, the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially […]
Section 2A-302 – Title to and Possession of Goods
Except as otherwise provided in this title, each provision of this title applies whether the lessor or a third party has title to the goods, and whether the lessor, the lessee, or a third party has possession of the goods, notwithstanding any statute or rule of law that possession or the absence of possession is […]
Section 2A-303 – Alienability of Party’s Interest Under Lease Contract or of Lessor’s Residual Interest in Goods; Delegation of Performance; Transfer of Rights
(1) As used in this section, “creation of a security interest” includes the sale of a lease contract that is subject to Title 9, Secured Transactions, by reason of § 9-109(a)(3). (2) Except as provided in subsection (3) and § 9-407, a provision in a lease agreement which (i) prohibits the voluntary or involuntary transfer, including a […]
Section 2A-304 – Subsequent Lease of Goods by Lessor
(1) Subject to § 2A-303, a subsequent lessee from a lessor of goods under an existing lease contract obtains, to the extent of the leasehold interest transferred, the leasehold interest in the goods that the lessor had or had power to transfer and, except as provided in subsection (2) and § 2A-527(4), takes subject to the […]
Section 2A-305 – Sale or Sublease of Goods by Lessee
(1) Subject to the provisions of § 2A-303, a buyer or sublessee from the lessee of goods under an existing lease contract obtains, to the extent of the interest transferred, the leasehold interest in the goods that the lessee had or had power to transfer and, except as provided in subsection (2) and § 2A-511(4), takes […]
Section 2A-306 – Priority of Certain Liens Arising by Operation of Law
If a person in the ordinary course of his business furnishes services or materials with respect to goods subject to a lease contract, a lien upon those goods in the possession of that person given by statute or rule of law for those materials or services is enforceable and takes priority over any interest of […]