Utah Code 70A-2a-307. Priority of liens arising by attachment or levy on, security interests in, and other claims to goods
Current as of: 2024 | Check for updates
|
Other versions
(1) Except as otherwise provided in Section 70A-2a-306 , a creditor of a lessee takes subject to the lease contract.
Terms Used In Utah Code 70A-2a-307
- 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, or are fixtures. See Utah Code 70A-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. See Utah Code 70A-2a-103
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Utah Code 70A-2a-103
- Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Utah Code 70A-2a-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Utah Code 70A-2a-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Utah Code 70A-2a-103
(2) Except as otherwise provided in Subsection (3) and in Sections 70A-2a-306 and 70A-2a-308 , a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable.
(3) Except as otherwise provided in Sections 70A-9a-317 , 70A-9a-321 , and 70A-9a-323 , a lessee takes a leasehold interest subject to a security interest held by a creditor of the lessor.