Nevada Revised Statutes 104A.2510 – Installment lease contracts: Rejection and default
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 cannot be cured or 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.
Terms Used In Nevada Revised Statutes 104A.2510
- 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 a clause "each delivery is a separate lease" or its equivalent. See Nevada Revised Statutes 104A.2103
- 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 Nevada Revised Statutes 104A.2103
- 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 Nevada Revised Statutes 104A.2103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Nevada Revised Statutes 104A.2103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Nevada Revised Statutes 104A.2103
- Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Nevada Revised Statutes 104A.2103
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. But, the aggrieved party reinstates the installment lease contract as a whole if the aggrieved party accepts a nonconforming delivery without seasonably notifying of cancellation or brings an action with respect only to past deliveries or demands performance as to future deliveries.