Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement, identification occurs:
        (a) when the lease contract is made if the lease
    
contract is for a lease of goods that are existing and identified;
        (b) when the goods are shipped, marked, or otherwise
    
designated by the lessor as goods to which the lease contract refers, if the lease contract is for a lease of goods that are not existing and identified; or
        (c) when the young are conceived, if the lease
    
contract is for a lease of unborn young of animals.
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Terms Used In Illinois Compiled Statutes 810 ILCS 5/2A-217

  • 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 2A-309), 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 Illinois Compiled Statutes 810 ILCS 5/2A-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 Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Lease contract: means the total legal obligation
    •     
    that results from the lease agreement as affected by this Article and any other applicable rules of law. See Illinois Compiled Statutes 810 ILCS 5/2A-103
  • Lessor: means a person who transfers the right
    •     
    to possession and use of goods under a lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103
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