7-2A-220
Section 7-2A-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 the lessor, or, in the case of a finance lease, the supplier, until cure
or acceptance. (b) If the lessee rightfully revokes acceptance, he or she, to the extent of
any deficiency in his or her effective insurance coverage, may treat the risk of loss as having
remained with the lessor from the beginning. (2) Whether or not risk of loss is to pass to
the lessee, if the lessee as to conforming goods already identified to a lease contract repudiates
or is otherwise in default under the lease contract, the lessor, or, in the case of a finance
lease, the supplier, to the extent of any deficiency in his or her effective insurance coverage
may treat the risk of loss as resting on the lessee for a commercially...
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7-2A-219
Section 7-2A-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 article on the effect
of default on risk of loss (Section 7-2A-220), if risk of loss is to pass to the lessee
and the time of passage is not stated, the following rules apply: (a) If the lease contract
requires or authorizes the goods to be shipped by carrier (i) and it does not require delivery
at a particular destination, the risk of loss passes to the lessee when the goods are duly
delivered to the carrier; but (ii) if it does require delivery at a particular destination
and the goods are there duly tendered while in the possession of the carrier, the risk of
loss passes to the lessee when the goods are there duly so tendered as to enable the lessee
to take delivery. (b) If the goods are held by a bailee to be delivered without being...
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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-516
Section 7-2A-516 Effect of acceptance of goods; notice of default; burden of establishing
default after acceptance; notice of claim or litigation to person answerable over. (1) A lessee
must pay rent for any goods accepted in accordance with the lease contract, with due allowance
for goods rightfully rejected or not delivered. (2) A lessee's acceptance of goods precludes
rejection of the goods accepted. In the case of a finance lease, other than a consumer lease
in which the supplier assisted in the preparation of the lease contract or participated in
negotiating the terms of the lease contract with the lessor, if made with knowledge of a nonconformity,
acceptance cannot be revoked because of it. In any other case, if made with knowledge of a
nonconformity, acceptance cannot be revoked because of it unless the acceptance was on the
reasonable assumption that the nonconformity would be seasonably cured. Acceptance does not
of itself impair any other remedy provided by this article or...
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7-2A-529
Section 7-2A-529 Lessor's action for the rent. (1) After 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, if the lessor complies with subsection (2),
the lessor may recover from the lessee as damages: (a) for goods accepted by the lessee and
not repossessed by or tendered to the lessor, and for conforming goods lost or damaged within
a commercially reasonable time after risk of loss passes to the lessee (Section 7-2A-219),
(i) accrued and unpaid rent as of the date of entry of judgment in favor of the lessor, (ii)
the present value as of the same date of the rent for the then remaining lease term of the
lease agreement, and (iii) any incidental damages allowed under Section 7-2A-530, less
expenses saved in consequence of the lessee's default; and (b) for goods identified to the
lease contract if the lessor is unable after reasonable effort to dispose of them at a reasonable...

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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-517
Section 7-2A-517 Revocation of acceptance of goods. (1) A lessee may revoke acceptance
of a lot or commercial unit whose nonconformity substantially impairs its value to the lessee
if the lessee has accepted it: (a) Except in the case of a finance lease, on the reasonable
assumption that its nonconformity would be cured and it has not been seasonably cured; or
(b) Without discovery of the nonconformity if the lessee's acceptance was reasonably induced
either by the lessor's assurances or, except in the case of a finance lease, by the difficulty
of discovery before acceptance. (2) Except in the case of a finance lease that is not a consumer
lease, a lessee may revoke acceptance of a lot or commercial unit if the lessor defaults under
the lease contract and the default substantially impairs the value of that lot or commercial
unit to the lessee. (3) If the lease agreement so provides, the lessee may revoke acceptance
of a lot or commercial unit because of other defaults by the lessor....
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7-2A-531
Section 7-2A-531 Standing to sue third parties for injury to goods. (1) If a third party
so deals with goods that have been identified to a lease contract as to cause actionable injury
to a party to the lease contract (a) the lessor has a right of action against the third party,
and (b) the lessee also has a right of action against the third party if the lessee: (i) has
a security interest in the goods; (ii) has an insurable interest in the goods; or (iii) bears
the risk of loss under the lease contract or has since the injury assumed that risk as against
the lessor and the goods have been converted or destroyed. (2) If at the time of the injury
the party plaintiff did not bear the risk of loss as against the other party to the lease
contract and there is no arrangement between them for disposition of the recovery, his or
her suit or settlement, subject to his or her own interest, is as a fiduciary for the other
party to the lease contract. (3) Either party with the consent of the...
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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-218
Section 7-2A-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 the
lessor's default or insolvency or notification to the lessee that identification is final,
may substitute other goods for those identified. (3) Notwithstanding a lessee's insurable
interest under subsections (1) and (2), the lessor retains an insurable interest until an
option to buy has been exercised by the lessee and risk of loss has passed to the lessee.
For this purpose the option to buy shall be deemed to have been exercised by the lessee when
the resulting sale is closed, not when the lessee gives notice to the lessor of the lessee's
intention to exercise the option. (4) Nothing in this section impairs any insurable
interest...
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