Kentucky Statutes 355.2A-512 – Lessee’s duties as to rightfully rejected goods
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(1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (KRS § 355.2A-511) and subject to any security interest of a lessee (subsection (5) of KRS § 355.2A-508):
(a) The lessee, after rejection of goods in the lessee’s possession, shall hold them with reasonable care at the lessor‘s or the supplier‘s disposition for a reasonable time after the lessee’s seasonable notification of rejection;
(b) If the lessor or the supplier gives no instructions within a reasonable time after notification of rejection, the lessee may store the rejected goods for the lessor’s or the supplier’s account or ship them to the lessor or the supplier or dispose of them for the lessor’s or the supplier’s account with reimbursement in the manner provided in KRS § 355.2A-511; but
(c) The lessee has no further obligations with regard to goods rightfully rejected. (2) Action by the lessee pursuant to subsection (1) is not acceptance or conversion.
Effective: January 1, 1991
History: Created 1990 Ky. Acts ch. 363, sec. 59, effective January 1, 1991.
(a) The lessee, after rejection of goods in the lessee’s possession, shall hold them with reasonable care at the lessor‘s or the supplier‘s disposition for a reasonable time after the lessee’s seasonable notification of rejection;
Terms Used In Kentucky Statutes 355.2A-512
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (KRS §. See Kentucky Statutes 355.2A-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Kentucky Statutes 355.2A-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Kentucky Statutes 355.2A-103
- Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Kentucky Statutes 355.2A-103
(b) If the lessor or the supplier gives no instructions within a reasonable time after notification of rejection, the lessee may store the rejected goods for the lessor’s or the supplier’s account or ship them to the lessor or the supplier or dispose of them for the lessor’s or the supplier’s account with reimbursement in the manner provided in KRS § 355.2A-511; but
(c) The lessee has no further obligations with regard to goods rightfully rejected. (2) Action by the lessee pursuant to subsection (1) is not acceptance or conversion.
Effective: January 1, 1991
History: Created 1990 Ky. Acts ch. 363, sec. 59, effective January 1, 1991.