Section 2A-308 – Special Rights of Creditors
(1) A creditor of a lessor in possession of goods subject to a lease contract may treat the lease contract as void if as against the creditor retention of possession by the lessor is fraudulent or voids the lease contract under any statute or rule of law, but retention of possession in good faith and current […]
Section 2A-309 – Lessor’s and Lessee’s Rights When Goods Become Fixtures
(1) In this section: (a) Goods are “fixtures” when they become so related to particular real estate that an interest in them arises under real estate law; (b) A “fixture filing” is the filing, in the office where a record of a mortgage on the real estate would be filed or recorded, of a financing statement covering goods […]
Section 2A-310 – Lessor’s and Lessee’s Rights When Goods Become Accessions
(1) Goods are “accessions” when they are installed in or affixed to other goods. (2) The interest of a lessor or a lessee under a lease contract entered into before the goods became accessions is superior to all interests in the whole except as stated in subsection (4). (3) The interest of a lessor or a lessee under […]
Section 2A-109 – Option to Accelerate at Will
(1) A term providing that one party or his (or her) successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or “when he (or she) deems himself (or herself) insecure” or in words of similar import must be construed to mean that he (or she) has power to do […]
Section 2A-216 – Third-Party Beneficiaries of Express and Implied Warranties
A warranty to or for the benefit of a lessee under this title, whether express or implied, extends to any natural person who is in the family or household of the lessee or who is a guest in the lessee’s home or any other ultimate consumer or user of the goods or person affected thereby […]
Section 2A-201 – Statute of Frauds
(1) A lease contract is not enforceable by way of action or defense unless: (a) The total payments to be made under the lease contract, excluding payments for options to renew or buy, are less than $1,000; or (b) There is a writing signed by the party against whom enforcement is sought or by that party’s authorized agent, […]
Section 2A-217 – Identification
Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement, identification occurs: (a) When the lease contract is made if the lease contract is for a lease of goods that are existing and […]
Section 2A-202 – Final Written Expression: Parol or Extrinsic Evidence
Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise set forth in a writing intended by the parties as a final expression of their agreement with respect to such terms as are included therein may not be contradicted by evidence of any prior agreement or of a contemporaneous […]
Section 2A-218 – Insurance and Proceeds
(1) A lessee obtains an insurable interest when existing goods are identified to the lease contract even though the goods identified are nonconforming and the lessee has an option to reject them. (2) If a lessee has an insurable interest only by reason of the lessor’s identification of the goods, the lessor, until default or insolvency or […]
Section 2A-203 – Seals Inoperative
The affixing of a seal to a writing evidencing a lease contract or an offer to enter into a lease contract does not render the writing a sealed instrument and the law with respect to sealed instruments does not apply to the lease contract or offer.