Maine Revised Statutes Title 11 Sec. 2-1524 – Lessor’s right to identify goods to lease contract
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(a). Identify to the lease contract conforming goods not already identified if at the time the lessor learned of the default they were in the lessor’s or the supplier‘s possession or control; and [PL 1991, c. 805, §4 (NEW).]
(b). Dispose of goods (section 2?1527, subsection (1)) that demonstrably have been intended for the particular lease contract even though those goods are unfinished. [PL 1991, c. 805, §4 (NEW).]
[PL 1991, c. 805, §4 (NEW).]
Terms Used In Maine Revised Statutes Title 11 Sec. 2-1524
- 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 including mobile homes, or are fixtures (section 2?1309), 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 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
- 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). If the goods are unfinished, in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier may either complete manufacture and wholly identify the goods to the lease contract, cease manufacture and lease, sell or otherwise dispose of the goods for scrap or salvage value or proceed in any other reasonable manner.
[PL 1991, c. 805, §4 (NEW).]
SECTION HISTORY
PL 1991, c. 805, §4 (NEW).