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U.C.C. - ARTICLE 2A - LEASES
..PART 5. DEFAULT

§ 2A-522. LESSEE'S RIGHT TO GOODS ON LESSOR'S INSOLVENCY.

  • (1) Subject to subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (Section 2A-217) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified from the lessor if the lessor becomes insolvent within 10 days after receipt of the first installment of rent and security.
  • (2) A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract.
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© Copyright 2005 by The American Law Institute and the National Conference of Commissioners on Uniform State Laws; reproduced, published and distributed with the permission of the Permanent Editorial Board for the Uniform Commercial Code for the limited purposes of study, teaching, and academic research.