27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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7-2A-304
Section 7-2A-304 Subsequent lease of goods by lessor. (1) Subject to Section 7-2A-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 subsection (2) and Section 7-2A-527(4), takes
subject to the existing lease contract. A lessor with voidable title has power to transfer
a good leasehold interest to a good faith subsequent lessee for value, but only to the extent
set forth in the preceding sentence. If goods have been delivered under a transaction of purchase,
the lessor has that power even though: (a) the lessor's transferor was deceived as to the
identity of the lessor; (b) the delivery was in exchange for a check which is later dishonored;
(c) it was agreed that the transaction was to be a "cash sale"; or (d) the delivery
was procured through fraud punishable as larcenous under the...
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7-2A-221
Section 7-2A-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 Section 7-2A-219, then: (a) if the
loss is total, the lease contract is voided; and (b) if the loss is partial or the goods have
so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless
demand inspection and at his or her option either treat the lease contract as voided or, except
in a finance lease, accept the goods with due allowance from the rent payable for the balance
of the lease term for the deterioration or the deficiency in quantity but without further
right against the lessor. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §221.)...
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7-2A-527
Section 7-2A-527 Lessor's rights to dispose of goods. (1) After a default by a lessee under
the lease contract of the type described in Section 7-2A-523(1) or 7-2A-523(3)(a) or after
the lessor refuses to deliver or takes possession of goods (Section 7-2A-525 or 7-2A-526),
or, if agreed, after other default by a lessee, the lessor may dispose of the goods concerned
or the undelivered balance thereof by lease, sale, or otherwise. (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 the disposition
is by 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 lessor may recover
from the lessee as damages (i) accrued and unpaid rent as of the date of the commencement
of the term of the new lease agreement, (ii) the present value,...
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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-217
Section 7-2A-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 identified; (b) when the
goods are shipped, marked, or otherwise designated by the lessor as goods to which the lease
contract refers, if the lease contract is for a lease of goods that are not existing and identified;
or (c) when the young are conceived, if the lease contract is for a lease of unborn young
of animals. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §217.)...
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7-2A-307
Section 7-2A-307 Priority over lease contract. (1) Except as otherwise provided in Section
7-2A-306, a creditor of a lessee takes subject to the lease contract. (2) Except as otherwise
provided in subsection (3) and in Sections 7-2A-306 and 7-2A-308, a creditor of a lessor takes
subject to the lease contract unless the creditor holds a lien that attached to the goods
before the lease contract became enforceable. (3) Except as otherwise provided in Sections
7-9A-317, 7-9A-321, and 7-9A-323, a lessee takes a leasehold interest subject to a security
interest held by a creditor of the lessor. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §307;
Act 2001-481, p. 647, §2.)...
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7-2A-308
Section 7-2A-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 under any statute or rule of law, but
retention of possession in good faith and current course of trade by the lessor for a commercially
reasonable time after the lease contract becomes enforceable is not fraudulent. (2) Nothing
in this article impairs the rights of creditors of a lessor if the lease contract is made
under circumstances which under any statute or rule of law apart from this article would constitute
the transaction a fraudulent transfer or voidable preference. (3) A creditor of a seller may
treat a sale or an identification of goods to a contract for sale as void if as against the
creditor retention of possession by the seller is fraudulent under any statute or rule of
law, but retention of possession of the goods pursuant to a lease...
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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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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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