§490:2A-524 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 490:2A-523(a) or 490:2A-523(c)(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 490:2A-527(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. [L 1991, c 40, pt of §1; am L 1992, c 26, §1]
Section: Previous 490-2a-517 490-2a-518 490-2a-519 490-2a-520 490-2a-521 490-2a-522 490-2a-523 490-2a-524 490-2a-525 490-2a-526 490-2a-527 490-2a-528 490-2a-529 490-2a-530 490-2a-531 NextLast modified: October 27, 2016