Tennessee Code 47-2A-516 – Effect of acceptance of goods – Notice of default – Burden of establishing default after acceptance – Notice of claim or litigation to person answerable over
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Terms Used In Tennessee Code 47-2A-516
- Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed twenty-five thousand dollars ($25,000). See Tennessee Code 47-2A-103
- Contract: A legal written agreement that becomes binding when signed.
- Finance lease: means a lease with respect to which:
(i) the lessor does not select, manufacture, or supply the goods. See Tennessee Code 47-2A-103 - Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§. See Tennessee Code 47-2A-103
- 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 Tennessee Code 47-2A-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Tennessee Code 47-2A-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Tennessee Code 47-2A-103
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Tennessee Code 47-2A-103
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105