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.)...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-524.htm - 1K - Match Info - Similar pages

7-2A-402
Section 7-2A-402 Anticipatory repudiation. (1) If either party repudiates a lease contract
with respect to a performance not yet due under the lease contract, the loss of which performance
will substantially impair the value of the lease contract to the other, the aggrieved party
may: (a) for a commercially reasonable time, await retraction of repudiation and performance
by the repudiating party; (b) make demand pursuant to Section 7-2A-401 and await assurance
of future performance adequate under the circumstances of the particular case; or (c) resort
to any right or remedy upon default under the lease contract or this article, even though
the aggrieved party has notified the repudiating party that the aggrieved party would await
the repudiating party's performance and assurance and has urged retraction. (2) In addition,
whether or not the aggrieved party is pursuing one of the foregoing remedies, the aggrieved
party may suspend performance or, if the aggrieved party is the lessor,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-402.htm - 1K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-220.htm - 1K - Match Info - Similar pages

7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged
in the business of banking and includes a savings bank, savings and loan association, credit
union, and trust company. (5) "Bearer" means a person in possession of a negotiable
instrument, document of title, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-1-201.htm - 11K - Match Info - Similar pages

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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-221.htm - 1K - Match Info - Similar pages

7-2-704
Section 7-2-704 Seller's right to identify goods to the contract notwithstanding breach or
to salvage unfinished goods. (1) An aggrieved seller under Section 7-2-703 may: (a) Identify
to the contract conforming goods not already identified if at the time he learned of the breach
they are in his possession or control; (b) Treat as the subject of resale goods which have
demonstrably been intended for the particular contract even though those goods are unfinished.
(2) Where the goods are unfinished an aggrieved seller may in the exercise of reasonable commercial
judgment for the purposes of avoiding loss and of effective realization either complete the
manufacture and wholly identify the goods to the contract or cease manufacture and resell
for scrap or salvage value or proceed in any other reasonable manner. (Acts 1965, No. 549,
p. 811.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2-704.htm - 1K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-508.htm - 2K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-523.htm - 2K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-529.htm - 3K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-516.htm - 3K - Match Info - Similar pages