Idaho Code 28-12-525 – Lessor’S Right to Possession of Goods
Current as of: 2023 | Check for updates
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(1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods.
(2) After a default by the lessee under the lease contract of the type described in section 28-12-523(1) or 28-12-523(3)(a) or, if agreed, after other default by the lessee, the lessor has the right to take possession of the goods. If the lease contract so provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor which is reasonably convenient to both parties. Without removal, the lessor may render unusable any goods employed in trade or business, and may dispose of goods on the lessee’s premises (section 28-12-527).
Terms Used In Idaho Code 28-12-525
- Contract: A legal written agreement that becomes binding when signed.
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (section 28-12-309, Idaho Code), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Idaho Code 28-12-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Idaho Code 28-12-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Idaho Code 28-12-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Idaho Code 28-12-103
(3) The lessor may proceed under the provisions of subsection (2) of this section without judicial process if it can be done without breach of the peace or the lessor may proceed by action.