7-2A-518
Section 7-2A-518 Cover; substitute goods. (1) After a default by a lessor under the lease contract
of the type described in Section 7-2A-508(1), or, if agreed, after other default by the lessor,
the lessee may cover by making any purchase or lease of or contract to purchase or lease goods
in substitution for those due from the lessor. (2) Except as otherwise provided with respect
to damages liquidated in the lease agreement (Section 7-2A-504) or otherwise determined pursuant
to agreement of the parties (Sections 7-1-302 and 7-2A-503), if a lessee's cover is by a lease
agreement substantially similar to the original lease agreement and the new lease agreement
is made in good faith and in a commercially reasonable manner, the lessee may recover from
the lessor as damages (i) the present value, as of the date of the commencement of the term
of the new lease agreement, of the rent under the new lease agreement applicable to that period
of the new lease term which is comparable to the then...
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7-2A-501
Section 7-2A-501 Default: Procedure. (1) Whether the lessor or the lessee is in default under
a lease contract is determined by the lease agreement and this article. (2) If the lessor
or the lessee is in default under the lease contract, the party seeking enforcement has rights
and remedies as provided in this article and, except as limited by this article, as provided
in the lease agreement. (3) If the lessor or the lessee is in default under the lease contract,
the party seeking enforcement may reduce the party's claim to judgment, or otherwise enforce
the lease contract by self-help or any available judicial procedure or nonjudicial procedure,
including administrative proceeding, arbitration, or the like, in accordance with this article.
(4) Except as otherwise provided in Section 7-1-305(a), or this article or the lease agreement,
the rights and remedies referred to in subsections (2) and (3) are cumulative. (5) If the
lease agreement covers both real property and goods, the party...
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7-2A-523
Section 7-2A-523 Lessor's remedies. (1) If a lessee wrongfully rejects or revokes acceptance
of goods or fails to make a payment when due or repudiates with respect to a part or the whole,
then, with respect 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 impaired
(Section 7-2A-510), the lessee is in default under the lease contract and the lessor may:
(a) cancel the lease contract (Section 7-2A-505(1)); (b) proceed respecting goods not identified
to the lease contract (Section 7-2A-524); (c) withhold delivery of the goods and take possession
of goods previously delivered (Section 7-2A-525); (d) stop delivery of the goods by any bailee
(Section 7-2A-526); (e) dispose of the goods and recover damages (Section 7-2A-527), or retain
the goods and recover damages (Section 7-2A-528), or in a proper case recover rent (Section
7-2A-529); (f) exercise any other rights or pursue any other...
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7-2A-525
Section 7-2A-525 Lessor's right to possession of goods. (1) If a lessor discovers the lessee
to be insolvent, the lessor may refuse to deliver the goods. (2) After a default by the lessee
under the lease contract of the type described in Section 7-2A-523(1) or 7-2A-523(3)(a) or,
if agreed, after other default by the lessee, the lessor has the right to take possession
of the goods. If the lease contract so provides, the lessor may require the lessee to assemble
the goods and make them available to the lessor at a place to be designated by the lessor
which is reasonably convenient to both parties. Without removal, the lessor may render unusable
any goods employed in trade or business, and may dispose of goods on the lessee's premises
(Section 7-2A-527). (3) The lessor may proceed under subsection (2) without judicial process
if it can be done without breach of the peace or the lessor may proceed by action. (Acts 1992,
2nd Ex. Sess., No. 92-700, p. 92, §525.)...
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7-2A-407
Section 7-2A-407 Irrevocable promises: Finance leases. (1) In the case of a finance lease that
is not a consumer lease the lessee's promises under the lease contract become irrevocable
and independent upon the lessee's acceptance of the goods. (2) A promise that has become irrevocable
and independent under subsection (1): (a) is effective and enforceable between the parties,
and by or against third parties including assignees of the parties; and (b) is not subject
to cancellation, termination, modification, repudiation, excuse, or substitution without the
consent of the party to whom the promise runs. (3) This section does not affect the validity
under any other law of a covenant in any lease contract making the lessee's promises irrevocable
and independent upon the lessee's acceptance of the goods. (Acts 1992, 2nd Ex. Sess., No.
92-700, p. 92, §407.)...
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7-2A-406
Section 7-2A-406 Procedure on excused performance. (1) If the lessee receives notification
of a material or indefinite delay or an allocation justified under Section 7-2A-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 impaired (Section 7-2A-510): (a) terminate the lease contract (Section 7-2A-505(2));
or (b) except in a finance lease, modify the lease contract by accepting the available quota
in substitution, with due allowance from the rent payable for the balance of the lease term
for the deficiency but without further right against the lessor. (2) If, after receipt of
a notification from the lessor under Section 7-2A-405, the lessee fails so to modify the lease
agreement within a reasonable time not exceeding 30 days, the lease contract lapses with respect
to any deliveries affected. (Acts 1992, 2nd Ex. Sess., No....
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37-9-23
Section 37-9-23 Certificates for common carriers and permits for contract carriers - Transfer
or lease. Any certificate or permit may be transferred or leased subject to the approval of
the commission and under such rules and regulations as may be prescribed by the commission.
Except where a transfer of a certificate or a permit results from the operation of law, approval
of such transfer or lease shall be given only upon a finding by the commission, after notice
and opportunity for a hearing, that such transfer or lease will be consistent with the public
interest. The application for approval shall be made jointly by the transferor and the transferee
or lessor and lessee. No value shall be allowed for any purpose for any certificate or permit
issued under this chapter. (Acts 1945, No. 269, p. 414, §13.)...
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7-2A-201
Section 7-2A-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, sufficient to
indicate that a lease contract has been made between the parties and to describe the goods
leased and the lease term. (2) Any description of leased goods or of the lease term is sufficient
and satisfies subsection (1)(b), whether or not it is specific, if it reasonably identifies
what is described. (3) A writing is not insufficient because it omits or incorrectly states
a term agreed upon, but the lease contract is not enforceable under subsection (1)(b) beyond
the lease term and the quantity of goods shown in the writing. (4) A lease contract that does
not satisfy the requirements of subsection (1), but which is...
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7-2-501
Section 7-2-501 Insurable interest in goods; manner of identification of goods. (1) The buyer
obtains a special property and an insurable interest in goods by identification of existing
goods as goods to which the contract refers even though the goods so identified are nonconforming
and he has an option to return or reject them. Such identification can 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 contract is made if it is for the sale of
goods already existing and identified; (b) If the contract is for the sale of future goods
other than those described in paragraph (c), when goods are shipped, marked or otherwise designated
by the seller as goods to which the contract refers; (c) When the crops are planted or otherwise
become growing crops or the young are conceived if the contract is for the sale of unborn
young to be born within 12 months after contracting or for the sale of...
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7-2A-522
Section 7-2A-522 Lessee's right to goods on lessor's insolvency. (1) Subject to subsection
(2) and even though the goods have not been shipped, a lessee who has paid a part or all of
the rent and security for goods identified to a lease contract (Section 7-2A-217) on making
and keeping good a tender of any unpaid portion of the rent and security due under the lease
contract may recover the goods identified from the lessor if the lessor becomes insolvent
within 10 days after receipt of the first installment of rent and security. (2) A lessee acquires
the right to recover goods identified to a lease contract only if they conform to the lease
contract. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §522.)...
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