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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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7-2A-306
Section 7-2A-306 Priority of certain liens arising by operation of law. If a person in the
ordinary course of his or her 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 takes priority over any interest
of the lessor or lessee under the lease contract or this article unless the lien is created
by statute and the statute provides otherwise or unless the lien is created by rule of law
and the rule of law provides otherwise. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §306.)...
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7-2A-504
Section 7-2A-504 Liquidation of damages. (1) Damages payable by either party for default, or
any other act or omission, including indemnity for loss or diminution of anticipated tax benefits
or loss or damage to lessor's residual interest, may be liquidated in the lease agreement
but only at an amount or by a formula that is reasonable in light of the then anticipated
harm caused by the default or other act or omission. (2) If the lease agreement provides for
liquidation of damages, and such provision does not comply with subsection (1), or such provision
is an exclusive or limited remedy that circumstances cause to fail of its essential purpose,
remedy may be had as provided in this article. (3) If the lessor justifiably withholds or
stops delivery of goods because of the lessee's default or insolvency (Section 7-2A-525 or
7-2A-526), the lessee is entitled to restitution of any amount by which the sum of his or
her payments exceeds: (a) the amount to which the lessor is entitled by...
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35-11-212
Section 35-11-212 Building or improvement on leased land. (a) When the building or improvement
is erected under or by virtue of any contract with a lessee in possession, and the erection
thereof is not in violation of the terms or conditions of the lease, the lien shall attach
to such building or improvement, and to the unexpired term of the lease, and the holder of
the lien shall have the right to avoid a forfeiture of the lease by paying rent to the lessor,
as it becomes due and payable, or by the performance of any other act or duty to which the
lessee may be bound; and if the lien is enforced by a sale of the building or improvement,
the purchaser may, at his election, become entitled to the possession of the demised premises,
and to remain therein for the unexpired term, by paying rent to the lessor, or performing
any other act or duty to which the lessee was bound, as if he were the assignee of the lease;
or he may, within 60 days after the sale, remove such building or...
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7-2A-303
Section 7-2A-303 Alienability of interests, transfer of rights, etc. (1) As used in this section,
"creation of a security interest" includes the sale of a lease contract that is
subject to Article 9A, Secured Transactions, by reason of Section 7-9A-109(a)(3). (2) Except
as provided in subsection (3) and Section 7-9A-407, a provision in a lease agreement which
(i) prohibits the voluntary or involuntary transfer, including a transfer by sale, sublease,
creation, or enforcement of a security interest, or attachment, levy, or other judicial process,
of an interest of a party under the lease contract or of the lessor's residual interest in
the goods, or (ii) makes such a transfer an event of default, gives rise to the rights and
remedies provided in subsection (4), but a transfer that is prohibited or is an event of default
under the lease agreement is otherwise effective. (3) A provision in a lease agreement which
(i) prohibits a transfer of a right to damages for default with respect to...
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7-2A-513
Section 7-2A-513 Cure by lessor of improper tender or delivery; replacement. (1) If any tender
or delivery by the lessor or the supplier is rejected because it is nonconforming and the
time for performance has not yet expired, the lessor or the supplier may seasonably notify
the lessee of the lessor's or the supplier's intention to cure and may then make a conforming
delivery within the time provided in the lease contract. (2) If the lessee rejects a nonconforming
tender that the lessor or the supplier had reasonable grounds to believe would be acceptable
with or without money allowance, the lessor or the supplier may have a further reasonable
time to substitute a conforming tender if he or she seasonably notifies the lessee. (Acts
1992, 2nd Ex. Sess., No. 92-700, p. 92, §513.)...
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7-2A-503
Section 7-2A-503 Modification or impairment of rights and remedies. (1) Except as otherwise
provided in this article, the lease agreement may include rights and remedies for default
in addition to or in substitution for those provided in this article and may limit or alter
the measure of damages recoverable under this article. (2) Resort to a remedy provided under
this article or in the lease agreement is optional unless the remedy is expressly agreed to
be exclusive. If circumstances cause an exclusive or limited remedy to fail of its essential
purpose, or provision for an exclusive remedy is unconscionable, remedy may be had as provided
in this article. (3) Consequential damages may be liquidated under Section 7-2A-504, or may
otherwise be limited, altered, or excluded unless the limitation, alteration, or exclusion
is unconscionable. Limitation, alteration, or exclusion of consequential damages for injury
to the person in the case of consumer goods is prima facie unconscionable but...
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16-18A-4
Section 16-18A-4 Powers and duties. The purpose of the authority shall be to assist institutions
for higher education in the construction, financing and refinancing of the projects. The exercise
by the authority of the powers conferred by this chapter shall be deemed and held to be the
performance of an essential public function. For the purpose of this chapter, the authority
shall have the powers and duties set forth in this section. (1) To adopt an official seal
and alter the same at its pleasure. (2) To sue and be sued in contract and in tort and to
complain and defend in all courts of law and equity. (3) To maintain an office at such place
or places as it may designate. (4) To determine the location and character of any project
financed under this chapter, to acquire, construct, reconstruct, remodel, maintain, manage,
enlarge, alter, add to, repair, operate, lease as lessee or lessor, sell or otherwise dispose
of, any project in any manner it deems to the best advantage of the...
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5-26-3
Section 5-26-3 Definitions. For purposes of this chapter, the following definitions shall apply:
(1) DEPOSITORY INSTITUTION. The term "depository institution" has the same meaning
as in Section 3 of the Federal Deposit Insurance Act, and includes any credit union. (2) FEDERAL
BANKING AGENCIES. The term "federal banking agencies" means the Board of Governors
of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office
of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance
Corporation. (3) IMMEDIATE FAMILY MEMBER. The term "immediate family member" means
a spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparents, stepchildren,
stepsiblings, and adoptive relationships. (4) INDIVIDUAL. The term "individual"
means a natural person. (5) LOAN PROCESSOR OR UNDERWRITER. (a) In General. The term "loan
processor or underwriter" means an individual who performs clerical or support duties
as an...
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7-2A-214
Section 7-2A-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 Section 7-2A-202 on parol or extrinsic evidence, negation or limitation is inoperative
to the extent that the construction is unreasonable. (2) Subject to subsection (3): (a) to
exclude or modify the implied warranty of "merchantability," or any part of it the
language must mention merchantability, be by a writing, and be conspicuous. Language to exclude
the implied warranty of merchantability is sufficient if it is in writing, is conspicuous
and states, for example, "There is no warranty that the goods will be merchantable."
(b) to exclude or modify any implied warranty of fitness the exclusion must be by a writing
and be conspicuous. Language to exclude all implied warranties of fitness is sufficient...
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