§ 2381. Definitions As used in this chapter: (1) “Agricultural finance lease” or “lease” means a lease of property to a farmer under which: (A) the lease transfers ownership of the leased property to the lessee by the end of the lease term; (B) the lease contains an option for the lessee to purchase the […]
§ 2382. Agricultural finance leases (a) An agricultural finance lease, including any lease amendments, shall be in writing, dated, and signed by the lessee and the lessor. The lease shall be completed before being signed by the lessee. The lease need not be contained in a single document. A copy of the lease shall be […]
§ 2383. Disclosure sheet The agricultural finance lease shall contain, or be accompanied by, a disclosure sheet that contains the following information in easily readable form: (1) The names and addresses of the lessor and lessee. If the seller of the leased property is an entity different than the lessor, the name and address of […]
§ 2384. Warranties (a) A lessee may enforce all express or implied warranties available to the lessor directly against the manufacturer, seller, supplier, or dealer of the leased property, during the term of the lease. (b) A lessor shall impliedly warrant that the leased property is fit for a particular purpose if the lessor, when […]
§ 2385. Unconscionability (a) If a court finds an agricultural finance lease, or any clause of a lease, to have been unconscionable at the time it was made, the court may refuse to enforce the entire lease or enforce the remainder of the agricultural finance lease without the unconscionable clause, or it may limit the […]
§ 2386. Option to accelerate at will Any term of an agricultural finance lease providing that a party or a 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, shall be construed […]
§ 2387. Waiver No act or agreement of the lessee shall be deemed a waiver of any of the provisions of this chapter, except for a waiver made in settlement of a claim asserted under this chapter. (Added 1989, No. 284 (Adj. Sess.), § 1; amended 2011, No. 136 (Adj. Sess.), § 1, eff. May […]
§ 2388. Prohibition on discrimination based on sex, sexual orientation, gender identity, marital status, race, color, religion, national origin, age, or disability No person shall discriminate against any lessee or prospective lessee who has entered into an agricultural finance lease, or who desires to enter into an agricultural finance lease, because of the sex, sexual […]
§ 2389. Limitation on power to choose applicable law and judicial forum (a) If the parties to an agricultural finance lease choose the law of a jurisdiction other than that in which the goods are to be used, or that in which the lessee resides or has his or her principal place of business, when […]
§ 2390. Remedies and penalties All remedies and penalties available to a consumer and the Attorney General under chapter 63 of this title shall apply to violations of this chapter. (Added 1989, No. 284 (Adj. Sess.), § 1; amended 1991, No. 79, § 6; 2011, No. 136 (Adj. Sess.), § 1, eff. May 18, 2012.)
§ 2391. Construction In the event of a conflict between this chapter and Title 9A, the Uniform Commercial Code, the provisions of this chapter shall control. (Added 1989, No. 284 (Adj. Sess.), § 1; amended 2011, No. 136 (Adj. Sess.), § 1, eff. May 18, 2012.)
§ 2392. Rules The Commissioner may adopt rules, including incorporation of the applicable provisions of 12 C.F.R. Part 213, deemed necessary to promote the purposes of this chapter. (Added 1989, No. 284 (Adj. Sess.), § 1; amended 2011, No. 136 (Adj. Sess.), § 1, eff. May 18, 2012.)
