57A-2A-214. Exclusion or modification of warranties. (1)Words or conduct relevant to the creation of an express warranty and words or conduct tending to negate or limit a warranty must be construed wherever reasonable as consistent with each other; but, subject to the provisions of §57A-2A-202 on parol or extrinsic evidence, negation or limitation is inoperative […]
57A-2A-215. Cumulation and conflict of warranties express or implied. Warranties, whether express or implied, must be construed as consistent with each other and as cumulative, but if that construction is unreasonable, the intention of the parties determines which warranty is dominant. In ascertaining that intention the following rules apply: (a)Exact or technical specifications displace an […]
57A-2A-216. Third party beneficiaries of express and implied warranties. A warranty to or for the benefit of a lessee under this chapter, 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 if it is reasonable to […]
57A-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 […]
57A-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 […]
57A-2A-219. Risk of loss. (1)Except in the case of a finance lease, risk of loss is retained by the lessor and does not pass to the lessee. In the case of a finance lease, risk of loss passes to the lessee. (2)Subject to the provisions of this chapter on the effect of default on risk […]
57A-2A-220. Effect of default on risk of loss. (1)Where risk of loss is to pass to the lessee and the time of passage is not stated: (a)If a tender or delivery of goods so fails to conform to the lease contract as to give a right of rejection, the risk of their loss remains with […]
57A-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 §57A-2A-219, […]
57A-2A-301. Enforceability of lease contract. Except as otherwise provided in this chapter, 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. Source: SL 1989, ch 419, §1.
57A-2A-302. Title to and possession of goods. Except as otherwise provided in this chapter, each provision of this chapter 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 […]
57A-2A-303. Alienability of party’s interest under lease contract or of lessor’s residual interest in goods; delegation of performance; assignment of rights. (1)Any interest of a party under a lease contract and the lessor’s residual interest in the goods may be transferred unless: (a)Except as provided in subsection (3)(a) of this section, the transfer is voluntary […]
57A-2A-304. Subsequent lease of goods by lessor. (1)Subject to the provisions of §57A-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 […]
57A-2A-305. Sale or sublease of goods by lessee. (1)Subject to the provisions of §57A-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 […]
57A-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 […]
57A-2A-307. Priority of liens arising by attachment or levy on, security interests in, and other claims to goods. (1)Except as otherwise provided in §57A-2A-306, a creditor of a lessee takes subject to the lease contract. (2)Except as otherwise provided in subsection (3) of this section and in §§57A-2A-306 and 57A-2A-308, a creditor of a lessor […]
57A-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 void under any statute or rule of law, but retention of possession in good faith […]
57A-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 mortgage on the real estate would be recorded, of […]
57A-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) […]
57A-2A-401. Insecurity: adequate assurance of performance. (1)A lease contract imposes an obligation on each party that the other’s expectation of receiving due performance will not be impaired. (2)If reasonable grounds for insecurity arise with respect to the performance of either party, the insecure party may demand in writing adequate assurance of due performance. Until the […]
57A-2A-402. Anticipatory repudiation. (1)If either party repudiates a lease contract, other than a consumer lease, with respect to a performance not yet due under the lease contract, the loss of which performance will substantially impair the value of the lease contract to the other, the aggrieved party may: (a)For a commercially reasonable time, await retraction […]
