2-A-524 - Lessor's Right to Identify Goods to Lease Contract. - New-york Statutes

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Statutes > New-york > Ucc > Article-2-a > Part-5 > 2-a-524

Section 2-A-524. Lessor's Right to Identify Goods to Lease Contract.    (1)  After  default by the lessee under the lease contract of the type  described in Section 2-A-523  (1)  or  Section  2-A-523  (3)(a)  or,  if  agreed, after other default by the lessee, the lessor may:         (a) identify  to  the lease contract conforming goods not already             identified if at the time the lessor learned of  the  default             they  were  in  the  lessor's or the supplier's possession or             control; and         (b) dispose of goods (Section 2-A-527(1)) that demonstrably  have             been  intended  for the particular lease contract even though             those goods are unfinished.    (2) If the  goods  are  unfinished,  in  the  exercise  of  reasonable  commercial  judgment  for the purposes of avoiding loss and of effective  realization, an aggrieved lessor or the  supplier  may  either  complete  manufacture and wholly identify the goods to the lease contract or cease  manufacture and lease, sell, or otherwise dispose of the goods for scrap  or salvage value or proceed in any other reasonable manner.

State Codes and Statutes

Statutes > New-york > Ucc > Article-2-a > Part-5 > 2-a-524

Section 2-A-524. Lessor's Right to Identify Goods to Lease Contract.    (1)  After  default by the lessee under the lease contract of the type  described in Section 2-A-523  (1)  or  Section  2-A-523  (3)(a)  or,  if  agreed, after other default by the lessee, the lessor may:         (a) identify  to  the lease contract conforming goods not already             identified if at the time the lessor learned of  the  default             they  were  in  the  lessor's or the supplier's possession or             control; and         (b) dispose of goods (Section 2-A-527(1)) that demonstrably  have             been  intended  for the particular lease contract even though             those goods are unfinished.    (2) If the  goods  are  unfinished,  in  the  exercise  of  reasonable  commercial  judgment  for the purposes of avoiding loss and of effective  realization, an aggrieved lessor or the  supplier  may  either  complete  manufacture and wholly identify the goods to the lease contract or cease  manufacture and lease, sell, or otherwise dispose of the goods for scrap  or salvage value or proceed in any other reasonable manner.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-york > Ucc > Article-2-a > Part-5 > 2-a-524

Section 2-A-524. Lessor's Right to Identify Goods to Lease Contract.    (1)  After  default by the lessee under the lease contract of the type  described in Section 2-A-523  (1)  or  Section  2-A-523  (3)(a)  or,  if  agreed, after other default by the lessee, the lessor may:         (a) identify  to  the lease contract conforming goods not already             identified if at the time the lessor learned of  the  default             they  were  in  the  lessor's or the supplier's possession or             control; and         (b) dispose of goods (Section 2-A-527(1)) that demonstrably  have             been  intended  for the particular lease contract even though             those goods are unfinished.    (2) If the  goods  are  unfinished,  in  the  exercise  of  reasonable  commercial  judgment  for the purposes of avoiding loss and of effective  realization, an aggrieved lessor or the  supplier  may  either  complete  manufacture and wholly identify the goods to the lease contract or cease  manufacture and lease, sell, or otherwise dispose of the goods for scrap  or salvage value or proceed in any other reasonable manner.