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7-2A-310
Section 7-2A-310 Lessor's and lessee's rights when goods become accessions. (1) Goods are "accessions"
when they are installed in or affixed to other goods. (2) The interest of a lessor or a lessee
under a lease contract entered into before the goods became accessions is superior to all
interests in the whole except as stated in subsection (4). (3) The interest of a lessor or
a lessee under a lease contract entered into at the time or after the goods became accessions
is superior to all subsequently acquired interests in the whole except as stated in subsection
(4) but is subordinate to interests in the whole existing at the time the lease contract was
made unless the holders of such interests in the whole have in writing consented to the lease
or disclaimed an interest in the goods as part of the whole. (4) The interest of a lessor
or a lessee under a lease contract described in subsection (2) or (3) is subordinate to the
interest of (a) a buyer in the ordinary course of business or a...
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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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28-4-91
Section 28-4-91 Forfeiture of rights of lessee under lease or rent contract. The unlawful manufacture,
sale, keeping for sale, giving away or otherwise disposing of any prohibited liquors or beverages
contrary to the law of the state or the carrying on of the business of a retail or wholesale
dealer in liquors or retail or wholesale dealer in malt liquors or the business of a brewer,
distiller or rectifier of spirits shall, at the option of the landlord or lessor, work a forfeiture
of all the rights of any lessee or tenant under any lease or contract of rent of the premises
where such unlawful act is performed or such unlawful business is conducted by the lessee
or tenant or by any agent, servant, clerk or employee of the lessee or tenant with the latter's
knowledge or permission. (Acts 1909, No. 191, p. 63; Acts 1915, No. 2, p. 8; Code 1923, §4684;
Code 1940, T. 29, §154.)...
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7-2A-502
Section 7-2A-502 Notice after default. Except as otherwise provided in this article or the
lease agreement, the lessor or lessee in default under the lease contract is not entitled
to notice of default or notice of enforcement from the other party to the lease agreement.
(Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §502.)...
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7-2A-510
Section 7-2A-510 Installment lease contracts: Rejection and default. (1) Under an installment
lease contract a lessee may reject any delivery that is nonconforming if the nonconformity
substantially impairs the value of that delivery and cannot be cured or the nonconformity
is a defect in the required documents; but if the nonconformity does not fall within subsection
(2) and the lessor or the supplier gives adequate assurance of its cure, the lessee must accept
that delivery. (2) Whenever nonconformity or default with respect to one or more deliveries
substantially impairs the value of the installment lease contract as a whole there is a default
with respect to the whole. But, the aggrieved party reinstates the installment lease contract
as a whole if the aggrieved party accepts a nonconforming delivery without seasonably notifying
of cancellation or brings an action with respect only to past deliveries or demands performance
as to future deliveries. (Acts 1992, 2nd Ex. Sess., No....
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7-2A-519
Section 7-2A-519 Lessee's damages for nondelivery, repudiation, default, and breach of warranty
in regard to accepted goods. (1) Except as otherwise provided with respect to damages liquidated
in the lease agreement (Section 7-2A-504) or otherwise determined pursuant to agreement of
the parties (Sections 7-1-302 and 7-2A-503), if a lessee elects not to cover or a lessee elects
to cover and the cover is by lease agreement that for any reason does not qualify for treatment
under Section 7-2A-518(2), or is by purchase or otherwise, the measure of damages for nondelivery
or repudiation by the lessor or for rejection or revocation of acceptance by the lessee is
the present value, as of the date of the default, of the then market rent minus the present
value as of the same date of the original rent, computed for the remaining lease term of the
original lease agreement, together with incidental and consequential damages, less expenses
saved in consequence of the lessor's default. (2) Market...
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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-201
Section 7-2A-201 Statute of frauds. (1) A lease contract is not enforceable by way of action
or defense unless: (a) the total payments to be made under the lease contract, excluding payments
for options to renew or buy, are less than $1,000; or (b) there is a writing, signed by the
party against whom enforcement is sought or by that party's authorized agent, sufficient to
indicate that a lease contract has been made between the parties and to describe the goods
leased and the lease term. (2) Any description of leased goods or of the lease term is sufficient
and satisfies subsection (1)(b), whether or not it is specific, if it reasonably identifies
what is described. (3) A writing is not insufficient because it omits or incorrectly states
a term agreed upon, but the lease contract is not enforceable under subsection (1)(b) beyond
the lease term and the quantity of goods shown in the writing. (4) A lease contract that does
not satisfy the requirements of subsection (1), but which is...
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7-2A-306
Section 7-2A-306 Priority of certain liens arising by operation of law. If a person in the
ordinary course of his or her business furnishes services or materials with respect to goods
subject to a lease contract, a lien upon those goods in the possession of that person given
by statute or rule of law for those materials or services takes priority over any interest
of the lessor or lessee under the lease contract or this article unless the lien is created
by statute and the statute provides otherwise or unless the lien is created by rule of law
and the rule of law provides otherwise. (Acts 1992, 2nd Ex. Sess., No. 92-700, p. 92, §306.)...
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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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