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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7-2-613
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-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-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-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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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-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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7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In
this article: (1) "Accession" means goods that are physically united with other
goods in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...

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7-2A-508
Section 7-2A-508 Lessee's remedies. (1) If a lessor fails to deliver the goods in conformity
to the lease contract (Section 7-2A-509) or repudiates the lease contract (Section
7-2A-402), or a lessee rightfully rejects the goods (Section 7-2A-509) or justifiably
revokes acceptance of the goods (Section 7-2A-517), 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
lessor is in default under the lease contract and the lessee may: (a) cancel the lease contract
(Section 7-2A-505(1)); (b) recover so much of the rent and security as has been paid
and is just under the circumstances; (c) cover and recover damages as to all goods affected
whether or not they have been identified to the lease contract (Sections 7-2A-518 and 7-2A-520),
or recover damages for nondelivery (Sections 7-2A-519 and 7-2A-520); (d) exercise any other
rights or pursue...
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7-2A-524
Section 7-2A-524 Lessor's right to identify goods to lease contract. (1) A lessor aggrieved
under Section 7-2A-523(1) may: (a) identify to the lease contract conforming goods
not already identified if at the time the lessor learned of the default they were in the lessor's
or the supplier's possession or control; and (b) dispose of goods (Section 7-2A-527(1))
that demonstrably have been intended for the particular lease contract even though those goods
are unfinished. (2) If the goods are unfinished, in the exercise of reasonable commercial
judgment for the purposes of avoiding loss and of effective realization, an aggrieved lessor
or the supplier may either complete manufacture and wholly identify the goods to the lease
contract or cease manufacture and lease, sell, or otherwise dispose of the goods for scrap
or salvage value or proceed in any other reasonable manner. (Acts 1992, 2nd Ex. Sess., No.
92-700, p. 92, §524.)...
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