Maryland Code, COMMERCIAL LAW 2A-515
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, COMMERCIAL LAW 2A-515
- Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§ 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
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See
- Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See
(1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and
(a) The lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take or retain them in spite of their nonconformity; or
(b) The lessee fails to make an effective rejection of the goods (§ 2A-509(2)).
(2) Acceptance of a part of any commercial unit is acceptance of that entire unit.