70A-2a-524 - Lessor's right to identify goods to lease contract. - Utah Statutes

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70A-2a-524. Lessor's right to identify goods to lease contract.
(1) A lessor aggrieved under Section 70A-2a-523 may:
(a) identify to the lease contract conforming goods not already identified if at the time thelessor learned of the default they were in the lessor's or the supplier's possession or control; and
(b) dispose of goods as provided in Subsection 70A-2a-527(1) that demonstrably havebeen 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 forthe purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier mayeither complete manufacture and wholly identify the goods to the lease contract or ceasemanufacture and lease, sell, or otherwise dispose of the goods for scrap or salvage value orproceed in any other reasonable manner.

Enacted by Chapter 197, 1990 General Session

State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-02a > 70a-2a-524

70A-2a-524. Lessor's right to identify goods to lease contract.
(1) A lessor aggrieved under Section 70A-2a-523 may:
(a) identify to the lease contract conforming goods not already identified if at the time thelessor learned of the default they were in the lessor's or the supplier's possession or control; and
(b) dispose of goods as provided in Subsection 70A-2a-527(1) that demonstrably havebeen 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 forthe purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier mayeither complete manufacture and wholly identify the goods to the lease contract or ceasemanufacture and lease, sell, or otherwise dispose of the goods for scrap or salvage value orproceed in any other reasonable manner.

Enacted by Chapter 197, 1990 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-02a > 70a-2a-524

70A-2a-524. Lessor's right to identify goods to lease contract.
(1) A lessor aggrieved under Section 70A-2a-523 may:
(a) identify to the lease contract conforming goods not already identified if at the time thelessor learned of the default they were in the lessor's or the supplier's possession or control; and
(b) dispose of goods as provided in Subsection 70A-2a-527(1) that demonstrably havebeen 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 forthe purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier mayeither complete manufacture and wholly identify the goods to the lease contract or ceasemanufacture and lease, sell, or otherwise dispose of the goods for scrap or salvage value orproceed in any other reasonable manner.

Enacted by Chapter 197, 1990 General Session