Utah Code 70A-9a-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor’s residual interest
Current as of: 2023 | Check for updates
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(2) | Except as otherwise provided in Subsection 70A-2a-303(7), a term described in Subsection (1)(b) is effective to the extent that there is:
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(3) | The creation, attachment, perfection, or enforcement of a security interest in the lessor’s interest under the lease contract or the lessor’s residual interest in the goods is not a transfer that materially impairs the lessee’s prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of Subsection 70A-2a-303(4) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor. |
Enacted by Chapter 252, 2000 General Session