Maine Revised Statutes Title 11 Sec. 2-1510 – Installment lease contracts; rejection and default
Current as of: 2023 | Check for updates
|
Other versions
(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 can not be cured or if 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.
[PL 1991, c. 805, §4 (NEW).]
Terms Used In Maine Revised Statutes Title 11 Sec. 2-1510
- Contract: A legal written agreement that becomes binding when signed.
- Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains the clause, "each delivery is a separate lease" or its equivalent. See Maine Revised Statutes Title 11 Sec. 2-1103
- 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 Maine Revised Statutes Title 11 Sec. 2-1103
- 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 Maine Revised Statutes Title 11 Sec. 2-1103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Maine Revised Statutes Title 11 Sec. 2-1103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Maine Revised Statutes Title 11 Sec. 2-1103
- Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Maine Revised Statutes Title 11 Sec. 2-1103
(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. The aggrieved party shall reinstate the installment lease contract as a whole if the aggrieved party accepts a nonconforming delivery without seasonably notifying of cancellation, brings an action with respect only to past deliveries or demands performance as to future deliveries.
[PL 1991, c. 805, §4 (NEW).]
SECTION HISTORY
PL 1991, c. 805, §4 (NEW).