47-2A524. Lessor's right to identify goods to lease contract
A. After default by the lessee under the lease contract of the type described in section 47-2A523, subsection A or section 47-2A523, subsection C, paragraph 1 or, if agreed, after other default by the lessee, the lessor may:
1. 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
2. Dispose of goods (section 47-2A527, subsection A) that demonstrably have been intended for the particular lease contract even though those goods are unfinished.
B. 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.
Section: Previous 47-2a517 47-2a518 47-2a519 47-2a520 47-2a521 47-2a522 47-2a523 47-2a524 47-2a525 47-2a526 47-2a527 47-2a528 47-2a529 47-2a530 47-2a531 NextLast modified: October 13, 2016