North Dakota Code 41-02.1-70 – (2A-522) Lessee’s right to goods on lessor’s insolvency
Current as of: 2023 | Check for updates
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1. Subject to subsection 2 and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (section 41-02.1-26) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified to a lease contract only if they conform to the lease contract.
Terms Used In North Dakota Code 41-02.1-70
- Contract: A legal written agreement that becomes binding when signed.
- 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
2. A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract.