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-506
Section 7-2A-506 Statute of limitations. (1) An action for default under a lease contract,
including breach of warranty or indemnity, must be commenced within 4 years after the cause
of action accrued. By the original lease contract the parties may reduce the period of limitation
to not less than one year. (2) A cause of action for default accrues when the act or omission
on which the default or breach of warranty is based is or should have been discovered by the
aggrieved party, or when the default occurs, whichever is later. A cause of action for indemnity
accrues (a) in the case of an indemnity against liability, when the act or omission on which
the claim for indemnity is based is or should have been discovered by the indemnified party,
or when the default occurs, whichever is later, (b) in the case of an indemnity against loss
or damage, when the person indemnified makes payment thereof. A cause of action for damages
for injury to the person in the case of consumer goods accrues...
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7-2A-530
Section 7-2A-530 Lessor's incidental damages. Incidental damages to an aggrieved lessor
include any commercially reasonable charges, expenses, or commissions incurred in stopping
delivery, in the transportation, care and custody of goods after the lessee's default, in
connection with return or disposition of the goods, or otherwise resulting from the default.
(Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §530.)...
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7-2A-302
Section 7-2A-302 Title to and possession of goods. Except as otherwise provided in this
article, each provision of this article applies whether the lessor or a third party has title
to the goods, and whether the lessor, the lessee, or a third party has possession of the goods,
notwithstanding any statute or rule of law that possession or the absence of possession is
fraudulent. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §302.)...
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7-2A-301
Section 7-2A-301 Enforceability of lease contract. Except as otherwise provided in this
article, a lease contract is effective and enforceable according to its terms between the
parties, against purchasers of the goods and against creditors of the parties. (Acts 1992,
2nd Ex. Sess., No. 92-700, p. 92, §301.)...
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35-11-212
Section 35-11-212 Building or improvement on leased land. (a) When the building or improvement
is erected under or by virtue of any contract with a lessee in possession, and the erection
thereof is not in violation of the terms or conditions of the lease, the lien shall attach
to such building or improvement, and to the unexpired term of the lease, and the holder of
the lien shall have the right to avoid a forfeiture of the lease by paying rent to the lessor,
as it becomes due and payable, or by the performance of any other act or duty to which the
lessee may be bound; and if the lien is enforced by a sale of the building or improvement,
the purchaser may, at his election, become entitled to the possession of the demised premises,
and to remain therein for the unexpired term, by paying rent to the lessor, or performing
any other act or duty to which the lessee was bound, as if he were the assignee of the lease;
or he may, within 60 days after the sale, remove such building or...
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11-56-13
Section 11-56-13 Bonds - Security for payment of principal and interest; remedies upon
default generally. (a) The principal of and the interest on the bonds shall be secured by
a pledge of the revenues out of which the bonds shall be made payable and by a pledge of the
lease agreement covering the project from which revenues so pledged shall be derived and of
the rental therefrom and may be secured by an indenture covering such project. The trustee
under any indenture may be a trust company or bank having trust powers, whether located within
or without the state. The indenture may contain any agreements and provisions customarily
contained in instruments securing evidences of indebtedness including, without limiting the
generality of the foregoing, provisions respecting the collection, segregation and application
of the rental from any project covered by such indenture, the terms to be incorporated in
the lease agreement respecting such project, the maintenance and insurance of such...
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5-8A-35
Section 5-8A-35 Assumption or rejection of executory contracts by receiver. The receiver
shall assume or reject an executory contract, including an unexpired lease of real or personal
property, within 60 days after appointment, but the receivership court may for cause shown
extend or reduce the time. Any such contract or lease not assumed or rejected within that
time shall be deemed to be rejected. The receiver shall file within 60 days of his appointment,
a statement under oath showing which, if any, of the contracts of the bank are executory in
whole or in part, including unexpired leases of real or personal property, and which, if any,
have been rejected by the receiver. Unless a lease of real or personal property expressly
otherwise provides, a rejection of the lease or of any covenant therein by the receiver of
the lessor does not deprive the lessee of his estate. A general covenant or condition in a
lease that it shall not be assigned shall not be construed to prevent the...
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11-20-6
Section 11-20-6 Bonds - Security for payment of principal and interest; remedies upon
default. The principal of and interest on any bonds issued under the authority of this article
shall be secured by a pledge of the revenues out of which such bonds shall be made payable,
may be secured by a mortgage covering all or any part of the project from which the revenues
so pledged may be derived and may be secured by a pledge of the lease of such project. The
proceedings under which such bonds are authorized to be issued or any such mortgage may contain
any agreements and provisions customarily contained in instruments securing bonds, including,
without limiting the generality of the foregoing, provisions respecting the fixing and collection
of rents for any project covered by such proceedings or mortgage, the terms to be incorporated
in the lease of such project, the maintenance and insurance of such project, the creation
and maintenance of special funds from the revenues from such project...
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11-54-25
Section 11-54-25 Bonds - Security for payment of principal and interest; remedies upon
default. The principal of and interest on any bonds issued under the authority of this article
shall be secured by a pledge of the revenues out of which such bonds shall be made payable,
may be secured by a mortgage covering all or any part of the project from which the revenues
so pledged may be derived and may be secured by a pledge of the lease of such project. The
proceedings under which such bonds are authorized to be issued or any such mortgage may contain
any agreements and provisions customarily contained in instruments securing bonds, including,
without limiting the generality of the foregoing, provisions respecting the fixing and collection
of rents for any project covered by such proceedings or mortgage, the terms to be incorporated
in the lease of such project, the maintenance and insurance of such project, the creation
and maintenance of special funds from the revenues from such project...
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