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7-2-613
Section 7-2-613 Casualty to identified goods. Where the contract requires for its performance
goods identified when the contract is made, and the goods suffer casualty without fault of
either party before the risk of loss passes to the buyer, or in a proper case under a "no
arrival, no sale" term (Section 7-2-324) then: (a) If the loss is total the contract
is avoided; and (b) If the loss is partial or the goods have so deteriorated as no longer
to conform to the contract the buyer may nevertheless demand inspection and at his option
either treat the contract as avoided or accept the goods with due allowance from the contract
price for the deterioration or the deficiency in quantity but without further right against
the seller. (Acts 1965, No. 549, p. 811.)...
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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-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-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-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-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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7-2A-212
Section 7-2A-212 Implied warranty of merchantability. (1) Except in a finance lease, a warranty
that the goods will be merchantable is implied in a lease contract if the lessor is a merchant
with respect to goods of that kind. (2) Goods to be merchantable must be at least such as
(a) pass without objection in the trade under the description in the lease agreement; (b)
in the case of fungible goods, are of fair average quality within the description; (c) are
fit for the ordinary purposes for which goods of that type are used; (d) run, within the variation
permitted by the lease agreement, of even kind, quality, and quantity within each unit and
among all units involved; (e) are adequately contained, packaged, and labeled as the lease
agreement may require; and (f) conform to any promises or affirmations of fact made on the
container or label. (3) Other implied warranties may arise from course of dealing or usage
of trade. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §212.)...
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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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7-2-504
Section 7-2-504 Shipment by seller. Where the seller is required or authorized to send the
goods to the buyer and the contract does not require him to deliver them at a particular destination,
then unless otherwise agreed he must: (a) Put the goods in the possession of such a carrier
and make such a contract for their transportation as may be reasonable having regard to the
nature of the goods and other circumstances of the case; and (b) Obtain and promptly deliver
or tender in due form any document necessary to enable the buyer to obtain possession of the
goods or otherwise required by the agreement or by usage of trade; and (c) Promptly notify
the buyer of the shipment. Failure to notify the buyer under paragraph (c) or to make a proper
contract under paragraph (a) is a ground for rejection only if material delay or loss ensues.
(Acts 1965, No. 549, p. 811.)...
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7-2A-103
or a line of machinery, or a quantity, as a gross or carload, or any other unit treated in
use or in the relevant market as a single whole. (d) "Conforming" goods or performance
under a lease contract means goods or performance that are in accordance with the obligations
under the lease contract. (e) "Consumer lease" means a lease that a lessor regularly
engaged in the business of leasing or selling makes to a lessee who is an individual and who
takes under the lease primarily for a personal, family, or household purpose, if the
total payments to be made under the lease contract, excluding payments for options to renew
or buy, do not exceed $100,000. (f) "Fault" means wrongful act, omission, breach,
or default. (g) "Finance lease" means a lease with respect to which: (i) the lessor
does not select, manufacture, or supply the goods; (ii) the lessor acquires the goods or the
right to possession and use of the goods in connection with the lease; and (iii) one of the
following...
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