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
term includes: (A) proceeds to which a security interest attaches; (B) accounts, chattel paper,
payment intangibles, and promissory notes that have been sold; and (C) goods that are the
subject of a consignment. (13) "Commercial tort claim" means a claim arising in
tort with respect to which: (A) the claimant is an organization; or (B) the claimant is an
individual and the claim: (i) arose in the course of the claimant's business or profession;
and (ii) does not include damages arising out of personal injury to or the death
of an individual. (14) "Commodity account" means an account maintained by a commodity
intermediary in which a commodity contract is carried for a commodity customer. (15) "Commodity
contract" means a commodity futures contract, an option on a commodity futures contract,
a commodity option, or another contract if the contract or option is: (A) traded on or subject
to the rules of a board of trade that has been designated as a contract market for such a
contract...
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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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